Describe the Transaction Shown in the Following Journal Entry

question 85

Multiple Choice

Describe the transaction shown in the following journal entry.

• A)Paid cash to a customer who requested a refund.
• B)Received cash in advance for work to be performed in future months.
• C)Recorded adjusting entry for work completed.
• D)Received cash for services completeD.The debit to cash and credit to unearned revenue would increase both of these accounts. That would be the correct journal entry to record receiving cash in advance for work to be performed in the future.

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Definitions:

Consumer Bill of Rights

A declaration of the basic rights afforded to consumers, such as the right to safety, to be informed, to choose, and to be heard.

Moral Philosophers

Individuals who study principles or problems of right and wrong conduct, ethics, and moral philosophy.

Moral Idealism

A personal moral philosophy that considers certain actions to be universally right or wrong, independent of the outcomes they produce.

Personal Moral Philosophy

An individual's set of beliefs, values, and principles that guide their understanding of right and wrong and influence ethical decision-making.