题目

22108 Accounting and Accountability - Spring 2025 2. PRACTICE Final Exam - 22108 - Spring 2022

多重下拉选择题

Hangry Donuts hires Lara-Ann to handle corporate orders as the business grows. Lara-Ann negotiates a deal to have their donuts in the breakfast buffet at the Four Points Sheraton Central Park hotel - just opposite UTS on George Street. The hotel agrees to pay $500 in advance each month for donuts. Hangry Donuts received the payment 2 weeks ago and is now delivering the donuts to the hotel. Select the flows and accounts that the business would use to record this transaction. Please choose a drop-down selection for every box. Assets = Liabilities + Equity [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ]

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思路分析

Begin by restating the scenario to anchor understanding: Hangry Donuts received $500 in advance from the Four Points Sheraton and has now delivered the donuts, so the transaction involves moving money from a liability (unearned revenue) to recognizing actual revenue as the service is performed. Option-by-option analysis: - Account not required: This option is not correct for the liability and revenue entries we must record. When cash is collected in advance and later earned, both an asset account (Cash) and a liability account (Unearned Revenue) are involved, and later an income/revenue account is affected. Saying an account is not required would ignore the fundamental accounts involved in this transaction. Therefore, this choice is incorrect. -......Login to view full explanation

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Hangry Donuts hires Lara-Ann to handle corporate orders as the business grows. Lara-Ann negotiates a deal to have their donuts in the breakfast buffet at the Four Points Sheraton Central Park hotel - just opposite UTS on George Street. The hotel agrees to pay $500 in advance each month for donuts. Hangry Donuts receives the first payment. Select the flows and accounts that the business would use to record this transaction. Please choose a drop-down selection for every box. Assets = Liabilities + Equity [ Select ] Accounts payable Unearned revenue Inventory Cash Raw materials Accounts receivable Account not required [ Select ] Cash Revenue Bank loan Unearned revenue Account not required [ Select ] Cash Expenses Revenue Cost of sales Unearned revenue Account not required [ Select ] -500 +500 0 [ Select ] -500 +500 0 0

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