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Fall 2025-91336-202590-ACC203-03 - Accounting Principles I
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On January 1, Immaculata received $1,390,000 from its students for the spring semester that it recorded in Unearned Revenue. The term spans four months beginning on January 1, and the university earns the revenue evenly over the months of the term. Assuming the university prepares adjustments on January 31, what amount of tuition revenue should the college recognize?
If Houston Company billed a client for $10,000 of consulting work completed, the accounts receivable asset increases by $10,000 and:
The primary objective of financial accounting is to:
A company's balance sheet shows: cash $41,000, accounts receivable $47,000, equipment $84,000, and equity $89,000. What is the amount of liabilities?
Assuming unearned revenues are originally recorded in balance sheet accounts, the adjusting entry to record earning of unearned revenue is:
Identify the account below that is classified as an asset in a company’s chart of accounts:
Which of the following combinations results in a net loss reported on the income statement?
If assets are $409,000 and liabilities are $184,000, then equity equals:
Creditors' claims on assets are called:
The contra account that includes total depreciation expense for all prior periods for which an asset was used: