AL3.2-1 – Starbucks Was Paid for Coffee. Is that Revenue Before Delivery?
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Given the scenario of paying a month before the delivery, did Starbucks earn its revenue on the day of payment?
Given the scenario of paying a month before the delivery, did Starbucks earn its revenue on the day of payment?
Which of the following reasons is needed for revenue to be recorded by the business?
Which of the following accounts are unearned revenue?
Which of the following is accumulated depreciation classified as?
Identify the account that will be closed at the end of the period.
What is recorded when manufacturing overhead is applied to Work in Process?
Given amounts for assets, liabilities, equity, dividends, revenues, and expenses… determine the amount reported for net income.
Your numbers will vary.
Given the cash received, salaries paid, and amount owed… calculate both the cash-basis net income and accrual-basis net income.
Your numbers will vary.
Given the beginning supplies, additional supplies purchased, and ending supplies … record the purchase and calculate the balances.
Your numbers will vary.
Given rent for one year, monthly rent, and prepaid rent at beginning of the year… record the payment of rent, record adjusting entries, and calculate year-end balances.
Your numbers will vary.