Based on your response from the other thread, yes that would be correct.
The revenue/Net income would then be rolled into RE at year end. So if you had no other transactions or items, your opening balance would be Dr A/R Cr RE
In that case you wouldn't touch the RE (assuming your B/S balanced when you had the cash). The RE would not be effected in this transaction.
Ex. If you had no other accounts, your balance sheet in Dec prior to purchase is
Then after the purchase in Dec it would...
Retained earnings should be hit only in rare circumstances.
How did you record the transaction in your excel spread sheet? When you reduced your cash by 355K, what other account did you hit, an expense account?
I am not to familiar with how quick books works when you originally setup an account for the first time. Does it allow you to post invoices in a prior period. In any other situation, you would record the entry at the date that the sale or service took place.
Yes you can still get a good job, but your opportunity will be much better with have a CPA designation. Check out another71.com. They have a forum on there with individuals willing to offer advice on what worked for them. There is also a lot of inspirational stories that may help your motivation.
I don't want to be rude, but I would recommend just doing the tasks yourself. Imagine if someone completed it for you but your interviewers asked you how you came up with your answer. Also, I don't know if you would want to put yourself into a position where you may be asked to do this work on...
Your amounts don't fully add up. 75k vs 76k (3+73).
I would think the following transactions should take place, since the sale does not actually occur until 2/15/21
December 2020 Entry
(Dr) Cash --------------- 3,000
(Cr) Unearned Rev -- 3,000
(Dr) Cash -------------------...
I believe I misread your original comment, as the entries you listed were just reversed in the order of what I had. All of your O/H will be rolled up into WIP.
If the expense is directly tied to the production of the good or service, it will be included in WIP, and eventually reflected in...
What study material are you using?
I just recently started studying for this as well, and plan to sit for my first test in Oct. I would agree that it is like anything else, in the fact that studying for it gets extremely boring. I have been trying to break up my sessions into 2 or 3 a day...