Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on december 31, 2020, zitta ag received an advance

On December 31, 2020, Zitta AG received an advance payment from a customer of 14,400...

50.1K

Verified Solution

Question

Accounting

On December 31, 2020, Zitta AG received an advance payment from a customer of 14,400 for services that will be performed during the next half year. Assume that the services are spread evenly over these six months.

What is the journal entry on December 31? Which adjusting entry is necessary at the end of January?

Match the accounts and their correct amounts with the correct debit and credit entries on December 31 and January 31 respectively:

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

Electromagnetic radiation of wavelength 242 nm to ionise the sodium atom Calculat energy of sodium...

Advance Math
1.2K views

Frank, Sofia, Eldridge, and Jake are the four qualifiers for a charity raffle with two $500...

Economics
1.2K views

1. Most economic theories of exchange rate movements agree that three factors have an important impact...

General Management
1.2K views

Identify the pros and cons of: - implementing in-house COVID testing labs to ramp up testing in...

Biology
1.2K views

1 point Match the correct DNA bases to this DNA strand A G T C...

Biology
1.2K views

Most of the energy that enters the electron transport chain enters as O ATP NADH...

Basic Math
1.2K views

21 Find x 7 45 201 60

Calculus
1.2K views

Find the period y 5 cot x 2 Graph the function H 30 4 5m...

Accounting
1.2K views

The Pharoah's Corner, a company that sells video games and related items, had...

Accounting
1.2K views

Ayodya Company has the following opening account balances in its general ledger on 1 January....

Accounting
1.2K views

Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below.] Following are the transactions...