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On December 15,Duncan Services Company Collected Revenue of $3,000 in Advance

question 73

Essay

On December 15,Duncan Services Company collected revenue of $3,000 in advance from a new client,and agreed to provide services to the client for the period of December 15 through January 15 of the following year.Assume that the company records deferred revenues using the alternative treatment,and journalize the adjusting entry recorded on December 31.


Definitions:

Fungal Filaments

The thread-like structures, or hyphae, that make up the mycelium of a fungus.

Mycelia

The vegetative part of a fungus, consisting of a mass of branching, thread-like hyphae, often found underground.

Hyphae

The long, branching filamentous structures of a fungus, which form the mycelium that is considered the vegetative part of the fungus.

Zygospore-Forming

Refers to a mode of sexual reproduction in some fungi where a zygospore, a thick-walled spore, is formed by the fusion of two haploid cells.

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