HomeworkLib
Question

The Unearned Revenue account of Headmaster Incorporated began 2014 with a normal balance of 58,000 and ended 2014 with a normal balance of $18,000. During 2014, the Unearned Revenue account was credited for $20,000 that Headmaster will earn later. Based on these facts, how much revenue did Headmaster earn in 2014? O A. $(6,000) B. $30,000 O C. $20,000 OD. $10,000

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Correct answer---(D) $10000

Working

Beginning balance in unearned revenue

$      8,000.00

Add: Amount credited

$   20,000.00

               Subtotal

$   28,000.00

Less: Ending balance

$   18,000.00

Amount earned in 2014

$   10,000.00
0 0
Add a comment
Know the answer?
Add Answer to:
The Unearned Revenue account of Headmaster Incorporated began 2014 with a normal balance of 58,000 and...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • B Question Help The Uneamed Revenue account of Assistant Incorporated began 2018 with a normal balance...

    B Question Help The Uneamed Revenue account of Assistant Incorporated began 2018 with a normal balance of $7,000 and ended 2018 with a normal balance of $14,000. During 2018, the Unearned Revenue account was credited for $24,000 that Assistant will eam later. Based on these facts, how much revenue did Assistant eam in 2018? VIDA$17,000 B. $24,000 c. $31,000 D. $0

  • On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and...

    On December 31, 2015, Dab Industries reported an unearned service revenue account balance of $2,500 and during 2016 the overall account balance (i.e. reported by the company on its financial statements) increased by $700. During 2016, cash payments collected from customers for future services totaled $8,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry. A. Service Revenue (dr) $3,200 Unearned Service Revenue (cr) $3,200 O B. Unearned Service Revenue (dr) $7,300 Service Revenue (cr) $7,300...

  • 6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing...

    6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing the income statement columns on the worksheet, the unearned consulting revenue amount would be put into which column? a. Debit Income Statement b. Credit Income Statement c. Debit Balance Sheet d. Credit Balance Sheet 7. As you look at the bottom totals of the following worksheet, you see that it has not been completed. Does this company have a net income or a net...

  • For each separate case below, follow the three-step process for adjusting the unearned revenue liability account...

    For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. The Krug Company collected $6,000 rent in advance on November 1, debiting Cash and crediting...

  • The unadjusted trial balance of Property Incorporated appears below as of December 31, 2019 Property Incorporated...

    The unadjusted trial balance of Property Incorporated appears below as of December 31, 2019 Property Incorporated Unadjusted Trial Balance December 31, 2019                                                                  Debit     Credit Cash      $274,750 Accounts Receivable 120,000 Prepaid insurance 11,250 Supplies 37,500 Plant 140,000 Accumulated Depreciation – plant $   14,000 Accounts Payable 82,500 Unearned Service revenue 73,500 Common stock 207,500 Retained Earnings 127,500 Dividends 7,500 Service revenue 198,500 Salary expense 61,500 Utilities expense 27,000 Rent expense 15,000 Postage 9,000 $703,500 $703,500 Additional data are as follows:...

  • Kristen Company Adjusted Trial Balance July 31, 2014 No. Account Titles Debits Credits 101 Cash $  ...

    Kristen Company Adjusted Trial Balance July 31, 2014 No. Account Titles Debits Credits 101 Cash $  9,840 112 Accounts Receivable 8,140 157 Equipment 15,900 167 Accumulated Depreciation—Equip. $  5,400 201 Accounts Payable 2,220 208 Unearned Rent Revenue 3,800 311 Common Stock 18,000 320 Retained Earnings 20,260 332 Dividends 12,000 404 Service Revenue 64,000 429 Rent Revenue 6,500 711 Depreciation Expense 3,700 720 Salaries and Wages Expense 55,700 732 Utilities Expense 14,900 $120,180 $120,180 Instructions a) Prepare the income statement, retained...

  • 27. An Unearned Rent Revenue account with a normal balance would be reported in which column...

    27. An Unearned Rent Revenue account with a normal balance would be reported in which column of a worksheet? Multiple Choice Credit column of the Balance Sheet section. Debit column of the Balance Sheet section. Credit column of the Income Statement section. Debit column of the Income Statement section. 26. If an account has a debit balance of $890 in the Trial Balance section of a worksheet and there is a debit entry of $580 in the Adjustments section, the...

  • The un-adjusted trial balance of Property Incorporated appears below as of December 31, 2019. Property Incorporated...

    The un-adjusted trial balance of Property Incorporated appears below as of December 31, 2019. Property Incorporated Un-adjusted Trial Balance December 31, 2019 Debit Credit Cash $274,750 Accounts Receivable 120,000 Prepaid Insurance 11,250 Supplies 37,500 Plant 140,000 Accumulated Depreciation - plant $ 14,000 Accounts Payable 82,500 Unearned Service revenue 73,500 Common stock 207,500 Retained Earnings 127,500 Dividends 7,500 Service Revenue 198,500 Salary Expense 61,500 Utilities expense 27,000 Rent Expense 15,000 Postage 9,000 Additional Data are as follows: a. Supplies used during...

  • Nature’s Shop, Inc. reported the following account balances (in random order) on its balance sheet on...

    Nature’s Shop, Inc. reported the following account balances (in random order) on its balance sheet on December 31, 2016 Accounts Receivable                    $25,000 Net property, plant and               $600,000 equipment Cash and cash equivalent            $300,000 Accounts payable                         $35,000 Bonds Payable (3 years)               $700,000 Prepaid Insurance                         $30,000 Unearned gift card revenue        $5,000 Accrued expenses payable          $10,000 Merchandise Inventory                $150,000 Contributed capital                      $250,000 Retained earnings                        ????? Identify the items listed above that are assets. What is the amount of Nature’s total assets at the...

  • 1. Unearned Rent Revenue is a. a contra account to Rent Revenue.    b. a revenue...

    1. Unearned Rent Revenue is a. a contra account to Rent Revenue.    b. a revenue account. c. reported as a current liability. d. debited when rent is received in advance. 2. The interest charged on a $200,000 note payable, at the rate of 8%, on a 90-day note would be   a. $16,000.   b. $8,888.   c. $4,000.   d. $1,333. 3. A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT