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.

---

Definitions:

Glaucoma

A condition involving abnormally high fluid pressure in the eye.

Hearing Loss

a partial or total inability to hear, which can be temporary or permanent, affecting one or both ears.

Mature Learners

Adults who return to an educational setting after some years spent in the workforce or attending to other responsibilities, typically for personal or professional development.

Sexual Dysfunctions

Disorders related to any phase of the sexual response cycle that prevent individuals or couples from experiencing satisfaction from sexual activity.