Athens Delivery Service Is Hired on October 31, 2018 to Perform

question 170

Multiple Choice

Athens Delivery Service is hired on October 31, 2018 to perform services, beginning on November 1, 2018. The delivery services will be performed for six months at a rate of $3,500 per month. Athens' fiscal year ends on December 31. What amount of service revenue should be recorded as an adjusting entry on December 31, 2018?

• A) $3,500
• B) 0
• C) $7,000
• D) $10,500

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Definitions:

Firm's Location

The geographical placement of a business's operations, which can significantly impact its accessibility, costs, and market reach.

Mission Statement

A formal summary of the aims and values of a company, organization, or individual, often guiding its goals, strategies, and decision-making processes.

Corporate Philosophy

Represents the fundamental beliefs, ethics, and values that serve as the foundation for a company's culture and business practices.

Dream

A series of thoughts, images, and sensations occurring in a person's mind during sleep.