1/14
For the year ended 31 March 2021, a business that offers yoga lessons received $1,400 in yoga fees, which was recorded in the yoga fee revenue account.
The amount included $350 for April 2021's lesson.
Assuming there are no other transactions relating to yoga fee revenue during the financial year, how much is the yoga fee earned for the year ended March 2021?
$350
$1,050
$1,400
2/14
$470
$1,880
$2,350
$2,820
3/14
A landlord charges $1,450 rental per month. The landlord received cheques totalling $14,500 throughout his financial year.
State the amount to be shown in the statement of financial position, and whether the rental income is an income receivable or an income received in advance.
$1,450 rental income received in advance
$1,450 rental income receivable
$2,900 rental income received in advance
$2,900 rental income receivable
4/14
Alessia Provisions sells goods on consignment and will receive a commission of 10% of the sales revenue from the supplier.
For the financial year ended 30 September 2022, Jim Provisions received cheques of $51,250 for commission income.
Total sales revenue for the goods on consignment amounted to $496,800. State the amount to be shown in the statement of financial position, and whether the commission income is an income receivable or an income received in advance.
$1,570 commission income received in advance
$1,570 commission income receivable
$445,550 commission income received in advance
$445,550 commission income receivable
5/14
Shopify Company received a cash of $700 in advance from a customer. As a result of this event,
assets increased by $700.
owner’s equity increased by $700.
liabilities decreased by $700
assets and owner's equity both increased by $700.
6/14
Knowledge Company provided consulting services and billed the client $3,100. As a result of this event,
assets remained unchanged.
assets increased by $3,100
owner’s equity increased by $3,100.
assets and owner's equity both increased by $3,100.
7/14
A business sublets part of its premises to a tenant from 1 April 2021 for $20,000 a year. Rent received by the business was $10,000 on 1 May and $10,000 on 1 November 2021. In the business' income summary account for the year ended 31 December 2021, what is the amount shown for rent earned?
$20,000 debit
$15,000 debit
$20,000 credit
$15,000 credit
8/14
Revenue earned equals to
revenue received trade receivable
revenue received - trade receivable
9/14
On 31 December 2021, $300 was received by cheque for tuition services to be performed in January 2022. The adjusting entry is:
DR Cash at bank; CR Tuition fee revenue
DR Tuition fee revenue; CR Tuition fee received in advance
DR Trade receivable; CR Tuition fee revenue
DR Trade receivable; CR Tuition fee received in advance
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