Assume That at the Time of Signing the Contract,collection of the Receivable

question 95

Multiple Choice

Assume that at the time of signing the contract,collection of the receivable was assured and that service obligations were substantial.However,by October 20,2015,substantially all continuing obligations had been met.The journal entry required at October 20,2015 would include a:

• A)Credit to franchise fee receivable for $27,000.
• B)Debit to unearned franchise fee revenue for $36,000.
• C)Credit to franchise fee revenue for $9,000.
• D)Debit to unearned franchise fee revenue for $27,000.

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Definitions:

Critical Path

Identifies the longest sequence of dependent tasks in a project, determining the shortest possible duration to complete the project.

Gantt Chart

A visual tool in project management that displays a project schedule, showing the start and finish dates of elements and dependencies.

PERT Chart

A graphical tool used in project management to schedule, organize, and coordinate tasks within a project.

Early Start Dates

The earliest possible point in time when the activities of a project can begin, taking into account all constraints and preceding tasks.