Accounting

In each of the following situations, determine the dollar amount of the revenue to be recognized:

A. Metric Corporation received $10,000 from a customer as a deposit on a special order.

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B. Pearldine, Inc., shipped a machine to a customer and billed the customer for the remaining amount owed, $30,000. The customer had made a deposit of $8,000 two weeks prior to the shipment date.

C. Catherine Dole, a doctor, received $200 in copayments from various patients during the month. She also billed several insurance companies $3,500 for services rendered to these patients. The insurance companies usually pay within 60 days of receipt of the bills.

Given the following events, prepare the necessary journal entries for Morrison:

A. Kathleen Morrison, a CPA, received $3,000 from a client for services to be performed next month.

B. Kathleen performed the services for the client.

C. An accounting of the work performed was sent to the client.

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