Question

Transaction Entries and Adjusting Entries Deluxe Building Services offers janitorial collected $21,200 in advance on a six-month contract for work to be performed evenl a. Provide the general journal entry on January 1 to record the receipt of $21,200 for b. Provide the adjusting entry to be made on January 31, for the contract work done d c. At January 31, a total of 25 hours of hourly rate janitor work was unbilled. The billing (Note: The firm uses the account Fees Receivable to reflect amounts due but not yet b Round your answers to the nearest whole number. $ Debit 21,200 $ 0 Credit 0 21,200 Date Description a. Jan. 1 Cash • Unearned Service Revenue To record 6 month contract. b. Jan. 31 Unearned Service Revenue Service Fees Earned To record January service fees earned on contract. C. Jan. 31 Unearned Service Revenue Service Fees Earned To record unbilled service fees at January 31. 21,200 0 21,200 750 750

Answer 1

Answer
Journal Entries
Date	Account Title	Debit	Credit
Jan.1	Cash	$     21,200
	Unearned Service Revenue		$     21,200
	(To record 6 month contract)
Jan.31	Unearned Service Revenue	$       3,533		21200*1/6
	Service Revenue		$       3,533
	(To record january service fees earned on contract)
Jan.31	Account Fees Receivable	$          750		25*30
	Service Revenue		$          750
	(To record unbilled service fees at January 31)
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