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i Safari File Edit View History Bookmarks Window Help 91%-. Fri 11:47 AM a + E Hamewark 3 Accounting question Chegg.com BusinessCourse O Meredith Milholland Menu ACCT20653:080-Intro to Accounting-TTH ACCT20653:080-Intro to Accounting-TTH My Subscriptions Courses ACCT20653:080-Intro to Accounting-TTH/ Financial: Ch 3 Accrual Basis of Business Accounting Homework 3 Financial: Ch 1: Financial Accounting and Business Decisions ASSIGNMENT NAVIGATION Financial: Ch 2: QUESTION 11 Not complete Marked out of 1,000 Flag question Processing Accounting On the last day of December 2016, Peter & Sons entered into a transaction that resulted in a receipt of $108,000 cash in advance related to services that will be provided during January 2017. During December of 2016, the company also performed 64,000 of services which were neither billed nor paid. Prior to December adjustments and before these two transactions were recorded, the company\'s trial balance showed service revenue of $1,600,000 at December 31, 2016. There are no other prepaid services yet to be delivered. 6 789 10 Financial: Ch 3: Accrual Basis of Business Accounting 11 1213 1415 16 1718 19 20 If Peter & Sons makes the appropriate adjusting entry, how much will service revenue will be reflected on the December 31, 2016 income statement? -Financial: Ch 4: Understanding Financial Statements 21 22 23 24 25 Select one: Financial: Ch 13: Analysis and Interpretation of Financial Statements A. $1,515,000 B. $1,451,000 C. $1,623,000 D. $1,664,000 Finish attempt.. Managerial: Ch 1: Overview of Managerial Accounting Check Managerial: Ch 2: Managerial Accounting Concepts and Cost Flows Previous page Next page

Solution

Amount of service revenue = 1600000+64000 = $1664000 Option D is correct