On December 15, Year 1, a company receives an order from a customer for services to be performed on December 28, Year 1. Due to a backlog of orders, the company does not the perform the services until January 3, Year 2. The company sends a bill to the customer on January 4, Year 2 and the customer pays for the services on January 10, Year 2. When should revenue be recorded by the company, assuming the accrual method of accounting?
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| 1 | Effect on the Current Ratio | Easy | |
| 2 | Closing Journal Accounts | Easy | |
| 3 | Revenue Journal Entry | Easy | |
| 4 | Retained Earnings | Easy | |
| 5 | Revenue Recognition | Easy | |
| 6 | Current Assets | Easy | |
| 7 | Adjusting Entry Identification | Easy | |
| 8 |
Revenue Recognition
You are here. |
Easy | |
| 9 | Solving for Missing Amounts | Moderate | |
| 10 | Closing Process | Moderate | |
| 11 | Determining Net Income From Journal Entries | Moderate | |
| 12 | Determining Net Income From Transactions | Moderate | |
| 13 | Adjusting Entry - Salaries Payable | Moderate | |
| 14 | Prepaid Rent | Moderate | |
| 15 | Adjusting Entry - Wage Expense | Moderate | |
| 16 | Revenue Recognition | Moderate | |
| 17 | The Effect of Transactions | Hard | |
| 18 | When You Forget to do Adjusting Entries | Hard | |
| 19 | Account Classifications | Hard | |
| 20 | Revenue and Expense Recognition | Hard | |
| 21 | Calculating Operating Income | Hard | |
| 22 | Adjusting Journal Entries | Hard | |
| 23 | Adjusting Journal Entries | Hard | |
| 24 | Year End Closing & Account Classification | Hard |
| 1 | Cash vs. Accrual Accounting | 7:21 | |
| 2 | Expense Recognition | 8:07 | |
| 3 | Accruals and Deferrals | 15:07 | |
| 4 | What is an Adjusting Entry? | 4:11 | |
| 5 | Adjusting Entry: Supplies | 1:54 | |
| 6 | Adjusting Entry: Wages | 4:52 | |
| 7 | Adjusting Entry: Unearned Revenue | 2:11 | |
| 8 | Adjusting Entry: Interest | 2:03 | |
| 9 | Contra-accounts | 4:40 | |
| 10 | Depreciation | 7:10 | |
| 11 | Current Assets | 9:57 | |
| 12 | Non-Current Assets | 10:25 | |
| 13 | Current Liabilities | 6:24 | |
| 14 | Non-Current Liabilites | 2:00 | |
| 15 | The Classified Balance Sheet | 4:48 | |
| 16 | Contributed Capital | 5:10 | |
| 17 | Retained Earnings vs Shareholder's Equity | 6:41 | |
| 18 | The Multistep Income Statement | 12:44 | |
| 19 | The Closing Process | 10:37 | |
| 20 | Ratios: Working Capital | 2:29 | |
| 21 | Ratios: Current Ratio | 4:00 |