Problem points
The information below applies to Questions thru points each
Pennington Laboratory makes adjusting entries at the end of each month
before making closing entries. Prepare adjusting entries based on the following
information relating to month end adjustments: Omit explanations.
c Many patients pay in advance for major medical procedures. Make the adjusting
entry to record fees of $ that were earned for medical procedures performed
during September on patients who had paid in advance.
The journal entry to record transaction c relating to medical procedures paid in
advance is:
A Debit Cash, Credit Medical Fees Revenue for $
B Debit Cash, Credit Deferred Revenue for $
C Debit Medical Fees Revenue, Credit Deferred Revenue for $
D Debit Deferred Revenue, Credit Medical Fees Revenue for $
