Plow Ur Driveway offers snowplowing services. Customers pay $300 to have their driveways plowed for the...
Plow Ur Driveway offers snowplowing services. Customers pay $300 to have their driveways plowed for the period December 1 – February 28, every time the snowfall exceeds 2 inches. To be a customer of Plow Ur Driveway, customers must pay the $300 by November 30. As of December 1, Plow Ur Driveway received a total of $15,000. Plow Ur Driveway prepares financial statements monthly. On February 1, the balance in the unearned revenue account was $5,000. The February 28 adjusting journal entry would include what?
Please explain your answer.
Homework Answers
Adjusting entry
| Date | account and explanation | Debit | Credit |
| Feb 28 | Unearned revenue | 5000 | |
| Revenue earned | 5000 | ||
| (To record revenue adjusted) |
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