The Accounting Records for Social Event Planning Services Include the Following

question 62

Multiple Choice

The accounting records for Social Event Planning Services include the following select unadjusted balances on December 31,2018: Salaries Expense,$6,000; Service Revenue: $18,000; Unearned Revenue,$400; Supplies Expense,$600; Rent Expense,$300; Depreciation Expense-Equipment,$200. During December,the company worked with a new client and provided event planning services for an upcoming event.It will receive the full amount of $1,500 when the event is completed in January 2019.As of the end of December 2018,it performed one-third of the services covered by the contract.The company made the accrual adjustments.The balance of Service Revenue,as shown on the adjusted trial balance,should be a ________.

• A) debit balance of $19,500
• B) credit balance of $18,000
• C) debit balance of $1,500
• D) credit balance of $18,500

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Definitions:

Conversion of Energy

The process of transforming energy from one form to another, such as converting kinetic energy to electrical energy in a power plant.

Color Vision Deficiency

A condition where an individual's ability to see colors, or differences in colors, is impaired.

Retinal Disparity

The slight difference in the relative position of an object as seen by each eye, which is important for depth perception.

Convergence

The act of two or more things coming together, often used in various contexts like technology, media, or eye movements towards a common point.