Ted Catering Received $800 Cash in Advance from a Customer $\begin{array}{|l|l|l|}\hline \text { Unearned Catering Revenue } & 800 & \\\hline \text { Catering Revenue } & & 800 \\\hline\end{array}$

question 222

Multiple Choice

Ted Catering received $800 cash in advance from a customer for catering services to be provided in three months. Determine the general journal entry that Ted Catering will make to record the cash receipt. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts.

• A) \(\begin{array}{|l|l|l|}
• \hline \text { Unearned Catering Revenue } & 800 & \\
• \hline \text { Catering Revenue } & & 800 \\
• \hline
• \end{array}\)
• B) \(\begin{array}{|l|r|r|}
• \hline \text { Cash } & 800 & \\
• \hline \text { Accounts Receivable } & & 800 \\
• \hline
• \end{array}\)
• C) \(\begin{array}{|l|r|r|}
• \hline \text { Cash } & 800 & \\
• \hline \text { Unearned Catering Revenue } & & 800 \\
• \hline
• \end{array}\)
• D) \(\begin{array}{|l|r|r|}
• \hline \text { Cash } & 800 & \\
• \hline \text { Catering Revenue } & & 800 \\
• \hline
• \end{array}\)
• E) \(\begin{array}{|l|r|r|}
• \hline \text { Accounts Receivable } & 800 & \\
• \hline \text { Catering Revenue } & & 800 \\
• \hline
• \end{array}\)

Understand the use and functionalities of the Analysis ToolPak in Excel.

Recognize and describe different types of relationships between tables in Excel.

Understand the concept and application of measures in Power Pivot.

Understand how to create and manipulate PivotTables in Power Pivot.

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Definitions:

Price Floors

A legal minimum price below which a good or service cannot be sold, intended to protect producers from market prices that are too low.

Agricultural Products

Items derived from farming or the cultivation of animals, including food, fiber, and other goods.

Surpluses

Occurs when the quantity of a good or service supplied exceeds the quantity demanded at a given price.

Binding Price Floor

A minimum price set by the government above the equilibrium price, leading to a surplus of goods or services in the market.