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:

Personality Traits

Enduring characteristics that describe an individual's behavior, emotions, and thoughts.

Questionnaire

A survey consisting of a series of questions aimed at gathering information about individuals' preferences, thoughts, attitudes, or behaviors.

Machiavellianism

A personality trait that involves manipulation and exploitation of others, a lack of morality, and a focus on self-interest and deception.

Conscientiousness

A personality trait characterized by diligence, organization, dependability, and a strong sense of duty.