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Provide a description of the event represented by each of the following journalentries. a. Dr. Equipment 1,100,000

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Provide a description of the event represented by each of the following journalentries.
Provide a description of the event represented by each of
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a. Dr. Equipment 1,100,000 Cr. Cash Cr. Notes payable 350,000 750,000 2 b. Dr. Cash 2,500 Cr. Bank loan 2,500 c. Dr. Cash 1,500,000 3,500,000 Dr. Long-term receivable d. Dr. Prepaid rent e. Dr. Retained earnings f. Dr. Patent g. Dr. Cash Cr. Land 5,000,000 Cr. Cash Cr. Dividend payable Cr. Common shares Cr. Revenue 5,000 210,000 250,000 35,000 5,000 210,000 250,000 25,000 Cr. Unearned revenue 10,000 h. Dr. Warranty expense 72,500 Cr. Warranty liability 72,500

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a Equipment was purchased in part for cash and the remainder in exchanged for a no...View the full answer


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Financial Accounting A Critical Approach

Financial Accounting A Critical Approach

ISBN: 978-1259066528

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Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.

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