At the beginning of last year, lavish advertising owed customers $2100 for unearned revenue collected in advanced. During the year, lavish received advance cash receipts of $7800 and earned $35000 of service revenue.

9ty unt. ost the adjusting entry to the Unearn Requirements 1. Record the adjusting entry assuming that Lavish records the cash receipt of unearned revenue by initially crediting a liability account. Post the adjusting entry to the Unearned Revenue and Service Revenue T-accounts. Make sure to include the beginning balance and additional unearned revenue in the Unearned Revenue T-account Record the adjusting entry assuming that Lavish records the cash receipt of unearned revenue by initially crediting a revenue account. Post the adjusting entry to the Unearned Revenue and Service Revenue T-accounts. Make sure to include the beginning balance in the Unearned Revenue T-account and the additional unearned revenue in the Service Revenue T-account Compare the ending balances of the T-accounts under both approaches. Are they the same? 2. 3. Print Done olected in advance During the cash receipts of $7.800 and earned $35,000 of service revenue (exclusive of any amount eaned ar-end, the liability for unearned revenue is $3,800 and unadjusted is $35,000. for unearned revenue c At the beginning of the year, Lavish Advertising owed cust from advance payments) At yea payments) At year end, the liability for unearned revenue is $3,800 and unadjusted service revenue is $35,000 Read the requirements ds the cash receipt of uneamed revenue by equirement 1. Record the adjusting entry assuming that Lavish records the cash receipt ot unearned revenue by intially crediting a liability account Post the adjusting entry to the Unearned Revenue and Service Revenue T-accounts Make sure to include the beginning balance and additional unearned revenue in the Unearned Revenue T account Begin by recording the adjusting entry assuming that Lavish records un account (Record debits first then credits. Select the explanation on the last ine of the journal entry) earned revenue by initially crediting a liability Debit Credit Date Accounts and Explanation 7800 Cash Unearned Revenue To record service revenue that was collected in advance. Post the adjusting entry to the Unearned Revenue and Service Revenue T accounts Make sure to include the beginning balance and additional unearned revenue in the Unearned Revenue T-account. (Use an "Unadi bal reference to show baiance of each account prior to any adjustments or cash receipts. Use a "Bal" posting reference to show the ending balance of each account) Unearned Revenue Unadj bal Choose from any list or enter any number in the input fields and then continue to the next question. At the beginning of the year, Lavish Advertising owed customers $2,100 for unearned revenue collected in advance. Duri year, Lavish received advance cash receipts of $T,800 and earned $35000 of service revenue (exclusive of any amount from advance payments). At year end, the liability for unearned revenue is $3 800 and unadjusted service revenue is $35 Read the requirements Unearned Revenue Unadj bal Service Revenue Requirement 2. Record the adjusting entry assuming that Lavish records the cash receipt of unearned revenue by initialy crediting a revenue account. Post the adjusting entry to the Unearned Revenue and Service Revenue T-accounts, Make sure to include the beginning balance in the Unearned Revenue T-account and the additional unearned revenue in the Service Revenue T-account Begin by recording the adjusting entry assuming that Lavish records unearned revenue by initially crediting a revenue account. (Record debits first then credts. Select the explanation on the last tine of the journal entry) Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question At the beginning of the year, Lavish Advertising owed customers $2,100 for unearned revenue collected in advance. During year, Lavish received advance cash receipts of $7,800 and earned $35,000 of service revenue (exclusive of any amount e from advance payments) At year end, the hability for unearned revenue is $3 800 and unadjusted service revenue is $35,0 Read the requirements Date Accounts and Explanation Debit Credit Post the adjusting entry to the Unearned Revenue and Service Revenue T accounts Make sure to include the beginning balance in the Unearned Revenue Taccount and the additional unearned revenue in the Service Revenue T-account. (Use an "Unadj bal. reference to show the balance of each account prior to any adjustments or cash receipts Use a "Bai" posting reference to show the ending balance of each account) Unearned Revenue Service Revenue Choose from any list or enter any number in the input fields and then continue to the next