pay 23,100 for 3 year ins contract post entry how to apply to unearned service revenue
Homework Answers
| When amount collected in advance for the services to be provided in future. | |||
| Date | Account Titles and Explanation | Debit | Credit |
| Year 1 - Beg. | Cash | $23,100 | |
| Unearned Service Revenue | $23,100 | ||
| (To record the amount received in advance for the services to be provided in coming 3 years) | |||
| When part of the services provided in year 1, part of the services revenue is recognized at the end of year 1. | |||
| Date | Account Titles and Explanation | Debit | Credit |
| Year 1 - End. | Unearned Service Revenue ($23,100/3*1) | $7,700 | |
| Service Revenue | $7,700 | ||
| (To record the service revenue for the part of the services provided in year 1) | |||
| When part of the services provided in year 2, part of the services revenue is recognized at the end of year 2. | |||
| Date | Account Titles and Explanation | Debit | Credit |
| Year 2 - End. | Unearned Service Revenue ($23,100/3*1) | $7,700 | |
| Service Revenue | $7,700 | ||
| (To record the service revenue for the part of the services provided in year 2) | |||
| When part of the services provided in year 3, part of the services revenue is recognized at the end of year 3. | |||
| Date | Account Titles and Explanation | Debit | Credit |
| Year 3 - End. | Unearned Service Revenue ($23,100/3*1) | $7,700 | |
| Service Revenue | $7,700 | ||
| (To record the service revenue for the part of the services provided in year 3) | |||
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pay
23,100 for 3 year ins contract post
entry
how
to apply to unearned service revenue
At the beginning of the year, Modish Advertising owed customers $2,200 for unearned revenue collected in...
At the beginning of the year, Modish Advertising owed customers $2,200 for unearned revenue collected in advance. During the year, Modish received advance cash receipts of $8,600 and earned $50,000 of service revenue (exclusive of any amount earned from advance payments). At year-end, the liability for unearned revenue is $4,700 and unadjusted service revenue is $50,000. Read the requirements. 1. Record the adjusting entry assuming that Modish records the cash receipt of unearned revenue by initially crediting a liability account....
pays 23,000 to ins co for 3 yr contract. journalize and post adjusting enrties how to...
pays 23,000 to ins co for 3 yr contract. journalize and post adjusting enrties how to post borrow of 9,900 sign 12% note
need help with be3-6 BE3-6 Using the data in BE3-5, journalize and post the entry on...
need help with be3-6
BE3-6 Using the data in BE3-5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Cruz Insurance Co. Cruz uses the accounts Unearned Service Revenue and Service Revenue. BE3-5 On July 1, 2017, Major Co. pays $15,120 to Cruz Insurance Co. for a 3-year insur- ance contract. Both companies have fiscal years ending December 31. For Major Co., jour- nalize and post the entry on July 1 and the...
wg that Modish records the cash receipt of unearned revenue by initially crediting a liability account....
wg that Modish records the cash receipt of unearned revenue by initially crediting a liability account. Post the adjusting entry the Unearned Revenue and Service Revenue T-accounts. Make sure to include she beginning balance and additional unearned revenue in the Unearned Revenue T-account. Record the adjusting entry assuming that Modish records the cash receipt of unearned revenue by initially crediting a revenue account. Post the adjusting entry to the Unearned Revenue and Service Revenue T-accounts. Make sure to include the...
SERVICE REVENUE CONTRACT - 22 POINTS On April 1, 2020 Top Notch Service, Inc enters into...
SERVICE REVENUE CONTRACT - 22 POINTS On April 1, 2020 Top Notch Service, Inc enters into a 2 year contract with Demanding Customer, Inc whereby Top Notch will provide services to Demanding Customer at a rate of $20,000 per month. The contract term is from April 1, 2020 through March 31, 2022. On April 1, 2020 Demanding Customer gives Top Notch $140,000 towards the contract. Assume no other payments are made and the monthly services are being performed as agreed...
the beginning balance in the Unearned Revenue T-account and the additional unearned revenue in the Service...
the beginning balance in the Unearned Revenue T-account and the additional unearned revenue in the Service Revenue T-account. 3. Compare the ending balances of the T accounts under both approaches. Are they the same? > Problems Group A P3-33A Journalizing adjusting entries and subsequent journal entries Learning Object Laughter Landscaping has collected the following data for the December 31 adjusting entries: a. Each Friday, Laughter pays employees for the current week's work. The amount of the weekly payroll is $8,000...
On July 1, 2017, Sandhill Co. pays $16,500 to Pharoah Company for a 2-year insurance contract....
On July 1, 2017, Sandhill Co. pays $16,500 to Pharoah Company
for a 2-year insurance contract. Both Companies have fiscal years
ending December 31.
a) Journalize the entry on July 1 and the adjusting entry on
December 31 for Pharoah Company. Pharoah uses the accounts Unearned
Service Revenue and Service Revenue.
(Record journal entries in the order presented in
the problem. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit...
On July 1, 2022, Sandhill Co. pays $23,000 to Blossom Company for a 1-year insurance contract....
On July 1, 2022, Sandhill Co. pays $23,000 to Blossom Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Blossom Company. Blossom uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles...
On July 1, 2017, Ivanhoe Company pays $13,000 to Sunland Company for a 2-year insurance contract....
On July 1, 2017, Ivanhoe Company pays $13,000 to Sunland Company for a 2-year insurance contract. Both companies have fiscal years ending December Journalize the entry on July 1 and the adjusting entry on December 31 for Sunland Company, Sunland uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are...
On July 1, 2022, Wildhorse Co. pays $13,500 to Pharoah Company for a 1-year insurance contract....
On July 1, 2022, Wildhorse Co. pays $13,500 to Pharoah Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Pharoah Company, Pharoah uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles...
At the beginning of the year, Modish Advertising owed customers $2,200 for unearned revenue collected in advance. During the year, Modish received advance cash receipts of $8,600 and earned $50,000 of service revenue (exclusive of any amount earned from advance payments). At year-end, the liability for unearned revenue is $4,700 and unadjusted service revenue is $50,000. Read the requirements. 1. Record the adjusting entry assuming that Modish records the cash receipt of unearned revenue by initially crediting a liability account....
need help with be3-6
BE3-6 Using the data in BE3-5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Cruz Insurance Co. Cruz uses the accounts Unearned Service Revenue and Service Revenue. BE3-5 On July 1, 2017, Major Co. pays $15,120 to Cruz Insurance Co. for a 3-year insur- ance contract. Both companies have fiscal years ending December 31. For Major Co., jour- nalize and post the entry on July 1 and the...
wg that Modish records the cash receipt of unearned revenue by initially crediting a liability account. Post the adjusting entry the Unearned Revenue and Service Revenue T-accounts. Make sure to include she beginning balance and additional unearned revenue in the Unearned Revenue T-account. Record the adjusting entry assuming that Modish records the cash receipt of unearned revenue by initially crediting a revenue account. Post the adjusting entry to the Unearned Revenue and Service Revenue T-accounts. Make sure to include the...
SERVICE REVENUE CONTRACT - 22 POINTS On April 1, 2020 Top Notch Service, Inc enters into a 2 year contract with Demanding Customer, Inc whereby Top Notch will provide services to Demanding Customer at a rate of $20,000 per month. The contract term is from April 1, 2020 through March 31, 2022. On April 1, 2020 Demanding Customer gives Top Notch $140,000 towards the contract. Assume no other payments are made and the monthly services are being performed as agreed...
the beginning balance in the Unearned Revenue T-account and the additional unearned revenue in the Service Revenue T-account. 3. Compare the ending balances of the T accounts under both approaches. Are they the same? > Problems Group A P3-33A Journalizing adjusting entries and subsequent journal entries Learning Object Laughter Landscaping has collected the following data for the December 31 adjusting entries: a. Each Friday, Laughter pays employees for the current week's work. The amount of the weekly payroll is $8,000...
On July 1, 2017, Sandhill Co. pays $16,500 to Pharoah Company
for a 2-year insurance contract. Both Companies have fiscal years
ending December 31.
a) Journalize the entry on July 1 and the adjusting entry on
December 31 for Pharoah Company. Pharoah uses the accounts Unearned
Service Revenue and Service Revenue.
(Record journal entries in the order presented in
the problem. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit...
On July 1, 2022, Sandhill Co. pays $23,000 to Blossom Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Blossom Company. Blossom uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles...
On July 1, 2017, Ivanhoe Company pays $13,000 to Sunland Company for a 2-year insurance contract. Both companies have fiscal years ending December Journalize the entry on July 1 and the adjusting entry on December 31 for Sunland Company, Sunland uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are...
On July 1, 2022, Wildhorse Co. pays $13,500 to Pharoah Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Pharoah Company, Pharoah uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles...
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