The Accounting Records of Patricia Event Planning Services Include the Following

question 31

Multiple Choice

The accounting records of Patricia Event Planning Services include the following select unadjusted balances on December 31,2014: Salaries Expense,$6,000; Service Revenue: $20,000; Unearned Revenue,$400; Supplies Expense,$600; Rent Expense,$300; Depreciation Expense-Equipment,$200. Later in December,the company worked with a new client and provided event planning services for an upcoming event.It will receive the full amount of $1,200 when the event is completed in January,2015.As of the end of December,2014,it rendered one-third of the services covered by the contract.The company made the accrual adjustments.The final adjusted balance of Service Revenue,as shown on the adjusted trial balance,should be a ________.

• A)debit balance of 21,200
• B)credit balance of $20,000
• C)debit balance of $1,200
• D)credit balance of $20,400

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Definitions:

Energy

The capacity to do work or produce change, existing in various forms such as kinetic, potential, thermal, electrical, chemical, and nuclear.

Sun

A star at the center of the Solar System that emits light and heat, essential for life on Earth.

Enzymatic Reaction

An enzymatic reaction involves chemical processes in living organisms that are catalyzed by enzymes to convert substrates into different molecules.

Temporary Complex

A transient molecular complex that forms during various biochemical processes, such as enzyme-substrate interactions.