On march 1, a designer received a check for $7,500 from a customer for services to be provided after the customer chose a color scheme for the first floor of her house. on july 31, the designer completed the design work for this customer. prepare the july 31 journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

unearned service revenue 7,500 DEBIT

       service revenue 7,500 CREDIT

Explanation:

the job is complete on July 31th

so we write-off the unearned service reveue

and we recognize the service revenue for the whole amount of the contract

The cash receipt occurs on March 1st so w edon't haveto post anythign related to cash on July 31th.

the unearned revenue account is used first because the business has the obligation of perform the job or return the cash. So it is a liablity until the job is completed

commercial banking

provide online payment services

provide online banking

asset management firms

invest in people's funds in securities

accept tax return refunds

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi