Sierra Event Planning Services Records Deferred Expenses and Deferred Revenues

question 56

True/False

Sierra Event Planning Services records deferred expenses and deferred revenues using alternative treatments.It makes adjusting entries as needed to bring its books to the full accrual basis once a year at the end of the year.On December 15,it collected $4,000 from a customer in advance for a series of events that will start late December and end in March.At the end of the year,it had performed approximately 10% of the services for its customer.The adjusting entry on December 31 will include a debit to Service Revenue for $3,600.

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Definitions:

Infected

Having been invaded by and negatively affected by pathogenic microorganisms such as bacteria, viruses, or fungi.

Risk Factors

Attributes, characteristics or exposures that increase the likelihood of developing a disease or injury.

HIV

Known as Human Immunodeficiency Virus, this pathogen compromises the immune system and, without intervention, can progress to Acquired Immunodeficiency Syndrome (AIDS).

Instructing

The act of giving information or directing someone to do something, typically used within the context of teaching or guiding.