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The company performs consulting services for a client for an agreed upon fee of $100,000. The company
completes the services, and sends the client a bill for $100,000.
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- An accountant recommends a local computer company to a client that is trying to upgrade its computerized sales records. The client purchases $25,000 worth of equipment and sends a check to the accountant for 5 percent of the total sales. This is an example of aa. Commission.b. Contingent fee.c. Referral fee.d. Nonaudit fee.What is the journal entry for this transaction? Please explain. Thanks. On June 1, the entity completed negotiations with another client and accepted an advance of P210,000 for services to be performed in the next year. The P210,000 was credited to Unearned Service Revenue.Glenelg Accounting Services has just invoiced one of its clients $3600 for accounting services provided to the client. Explain how Glenelg Accounting Services should recognise this event, justifying your answer by reference to relevant conceptual framework definitions and recognition criteria. Would your answer be different if the services had not yet been provided; that is, the payment is in advance
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- Assume an employee has a meeting with a potential client. The employee spends P2,500 on airfare, P500 on Uber rides, P3,000 on a hotel, and P1,000 on meals - all charged to their own credit card. After the trip, the employee submits an expense report for the trip. The employer the issues a reimbursement check to the employee. How much is the out-of-pocket cost?A CPA prepares tax returns for clients and bills them after the work is completed. It usually takes two weeks of work to prepare the tax returns. It takes 30 days on average to receive payment from the clients. The CPA uses cash-basis accounting. The revenue should be recorded when the CPA: O A. receives payments from the clients O B. bills the clients. OC. starts working on the tax returns O D. completes working on the tax returns. Click to select your answer. 11-50nm 99+On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.
- Prepare an explanatory memorandum about financial performance and record keeping requirements. The operations manager of Metharom Construction has asked you to prepare an explanatory memorandum for the accounting staff. They have requested that you include the following information: A) a description of a minimum of 5 financial records that the company must maintain B) any three factors while selecting software that could assist with finance management for small business C) list any 5 regulatory requirement for lodgement and payment of statutory obligations D) a set of policies to for Debt recovery procedures (minimum 3) E) explain how financial performance will be monitored (include a minimum of 2 key performance indicators) F) set of minimum 6 written financial procedures for Metharom which will help in financial health check for stakeholders G)This document must then be sent electronically to the Operations Manager (your assessor) as well as submitted in hard copy.ABC Co. has a contract with Xero, a cloud-based accounting software platform for small- and medium-sized businesses. As the accountant of ABC, you use Xero to record transactions and generate reports. How would you account for the payments made to Xero?Which Journal? If you received a check from Mr. Jones for $500 for work you performed last week, which journal wouldyou use to record receipt of the amount they owed you? What would be recorded?
