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:

Continuous Improvements

An ongoing effort to enhance products, services, or processes through incremental and breakthrough improvements.

3PL Provider

A third-party logistics provider that offers outsourced logistics services covering warehousing, transportation, and fulfillment services.

Organization

An entity, typically comprising a group of people, that works toward common goals or objectives, structured in such a way to facilitate management and operations.