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The Accounting Records for Social Event Planning Services Include the Following

question 62

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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 ________.


Definitions:

Urea

Urea is a nitrogenous compound produced in the liver as a waste product of protein metabolism and excreted in urine.

Beta Oxidation

A metabolic process in which fatty acid molecules are broken down in the mitochondria to generate acetyl-CoA, which enters the citric acid cycle to produce energy.

Fatty Acids

Long hydrocarbon chains that are a vital component of lipids and play an essential role in energy storage and cell structure.

Catabolized

The process by which substances are broken down into smaller molecules to release energy.

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