Outdoor's Best pre-sells yard maintenance packages for the gardening season. During October, the company collects cash from

Question:

Outdoor's Best pre-sells yard maintenance packages for the gardening season. During October, the company collects cash from clients for Christmas trees to be delivered in December. Snow removal services are also provided. Outdoor's Best prepares adjusting entries monthly. The following selected accounts appear on the November 30, 2014, unadjusted trial balance:

Required
Prepare the monthly adjusting journal entries at November 30, 2014, using the following additional information.
a. $86,000 of the Unearned Lawn Services account represents payments received from customers for the 2015 season. The remainder represents fall lawn services actually performed during November 2014.
b. $31,950 of the Unearned Garden Services account had been earned by November 30, 2014.
c. $9,200 of the Unearned Snow Removal Services account remained unearned at November 30, 2014.
d. Outdoor's arranges with its customers to deliver trees from December 5 to December 20. As a result, the Unearned Christmas Tree Sales account will be earned in total by December 20.
Analysis Component: If the Unearned Lawn Services of $102,000 had been recorded as a revenue when received instead of as a liability, what would the effect have been on the November 30, 2014, financial statements assuming no adjustment was made on November 30, 2014?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 37% (8 reviews)

2014 a Nov 30 Unearned Lawn Services 16000 Lawn Services Earned 16000 To record lawn se...View the full answer

Answered By

Nicole omwa

Being a highly skilled tutor with at least 5 years of tutoring experience in different areas, I learned how to help diverse learners in writing drafts of research papers, actual research papers and locate credible sources. My assurance is built upon my varied knowledge of a variety of subjects. Furthermore, my involvement and interaction with numerous learners of all levels has allowed me to understand my clients' specific demands. Ultimately, this has aided me in being a better coach to learners to better their grades. Essentially, my responsibilities as a tutor would include: Teaching abilities that assist pupils in enhancing their academic performance Personal interaction with learners to make them understand abstract concepts Inducing new skills and knowledge into their academic journeys Fostering individual reflection, and independent and critical thinking Editing and proofreading Because I am constantly available to respond to your queries, you may decide to rely on me whenever you require my assistance. As an assurance, my knowledge skills and expertise enable me to quickly assist learners with different academic challenges in areas with difficulty in understanding. Ultimately, I believe that I am a reliable tutor concerned about my learner's needs and interests to solve their urgent projects. My purpose is always to assist them in comprehending abstract schoolwork and mastering their subjects. I also understand that plagiarism is a severe offense and has serious ramifications. Owing to this, I always make it a point to educate learners on the numerous strategies to have uniquely unique solutions. I am familiar with the following formatting styles: MLA APA Harvard Chicago IEEE Communication is always the key in every interaction with my learners. Hence, I provide timely communication about the progress of assigned projects. As a result, I make sure that I maintain excellent communication with all of my clients. I can engage with all of my customers more effectively, assisting them with their unique academic demands. Furthermore, I attempt to establish a solid working relationship with my leaners I have exceptional abilities in the below areas; Sociology History Nursing Psychology Literature Health and Medicine Chemistry Biology Management Marketing Business Earth Science Environmental Studies Education Being a teacher who aces in diverse fields, I provide various academic tasks, which include; Academic Reports Movie Reviews Literature Reviews Annotated bibliographies Lab reports Discussion posts Dissertations Case study analyses Research proposals Argumentative Essays I guarantee you high-quality Papers!!!!!

5.00+ 17+ Reviews 32+ Question Solved

Related Book For book-img-for-question

Fundamental Accounting Principles

ISBN: 978-0071051507

Volume I, 14th Canadian Edition

Authors: Larson Kermit, Tilly Jensen

See More Books

Question Posted: Mar 08, 2016 07:42 AM

See More Questions

Outdoor's Best pre-sells yard maintenance packages for the gardening season. During October, the company collects cash from

Question:

Account Debit Unearned lawn services Unearned garden services... Unearned snow removal services.... Credit $102,000 36,400 11,800 21,200

Step by Step Answer:

2014 a Nov 30 Unearned Lawn Services 16000 Lawn Services Earned 16000 To record lawn se...View the full answer

Fundamental Accounting Principles

Students also viewed these Accounting questions