MGT120H5 Midterm: MGT120H 2006 Winter Test and Test Solution.pdf
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MGT120H5 Full Course Notes
Verified Note
12 documents
Document Summary
Part a (10 marks: on december 1, 2003, blue mountain snow removal service ltd. receives. ,800 in advance for an agreement to remove snow from a client"s parking lot during the months of december, january, and february. Jefferson & cole corp. mails the cheque on october 27 to the landlord. Net credit sales for the current year amount to. ,000,000 and management estimates 3% will be uncollectible. Doubtful accounts prior to adjustment has a debit balance of ,900. The amount of expense reported on the income statement will be: ,900, ,000, ,100, ,900. Assuming services were performed evenly during the remainder of the year, the adjusting entry on. December 31 will involve a: credit to service revenue , credit to service revenue for ,000, credit to unearned service revenue , debit to unearned service revenue ,000. The unadjusted trial balance for smith & hess inc. appears below as of december. Supplies used during the current year amount to .
