Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

AIPB book 1 sect 4

AIPB certified bookkeeper, mastering adjusting entries,

1) PREPARE AJE: You collect a $12,000 advancefor 1 year's rentand credit rent revenue. At year end,3 months have elaspsed. 1) Dr. Rent revenue 9,000 - Cr. Unearned rent revenue 9,000 - To record unearned revenue
2) PREPARE AJE: You collect $12,000 advance for 1 year's rent and credit unearnedrent revenue. At year end, 3 months have elapsed. 2) Dr. Unearned revenue 3,000 - Cr. Rent revenue 3,000 - To record revenue earned
3) PREPARE AJE: Your company collects $20,000 advance for $100,000 order to produce widgets and credits revenue. At year end, your company has completed 12% of the job. 3) Dr. Revenue 8,000 - Cr. Unearned revenue 8,000 - To record unearned revenue
4) PREPARE AJE: Your company collects a $20,000 advance for a $100,000 job and credits unearned revenue. At year end, your company has completed 12% of the job. 4) Dr. Unearned revenue 12,000 - Cr. Revenue 12,000 - To record revenue earned
5)Your firm signs a contract to sell widget, products for a 20% commission on sales. During the year, widget pays your firm $7,000 in commissions, which you credit to unearned commission revenue. By year end, your firm achieves $25,000 in sales.
5) What AJE do you record on December 31? 5) Dr. Unearned commissions revenue 5,000 - Cr. Commission revenue 5,000 - To record revenue earned
6) On May 15, your company accepts a $28,000 advance on a 2-year, $70,000 painting job. On December 31, management tells you that it has completed 30% of the work. What original transaction entry do you record on May 15 if the amount recieved is recorded
6) as revenue? What adjusting entry do you record at year end? 6) ORIGINAL ENTRY: Dr. Cash 28,000 - Cr. Painting revenue 28,000 - To record revenue AJE: Dr. Painting revenue 7,000 - Cr. Unearned painting revenue 7,000 - To reduce revenue to amount earned
7)Three possible names for a revenue liability account are ______, _______ and ________ 7) Unearned revenue, Revenue collected in advance, Revenue received in advance, Deferred revenue
8) Unearned revenue appears on a balance sheet as a(n) ______ 8) Liability
9) Revenue is recorded when ________ 9) Earned
10) For cash collected in advance, debit ______ and credit ______ 10) Cash, Revenue or Unearned revenue or Deferred revenue
11) TRUE OR FALSE: If you collect 3 months rent on December 1 and your year ends December 31, the revenue earned will be less than the cash collectds. 11) True
12) A company collects cash in advance for a job and credits revenue. It earns part of the advance completing work durin the year. if it omits the proper AJE at year end, liabilities will be >>>>> 12)Understated
13) A company collects cash in advance for a job, credits deferred revenue, then completes part of the work. If it fails to record an AJE a year end, liabilities will be ........ 13) Overstated
Created by: cidhart
Popular Standardized Tests sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards