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Browning, Inc., collects cash from customers in advance and from other customers after the sale. Read the requirement a. Journalize Browning earning service revenue of
Browning, Inc., collects cash from customers in advance and from other customers after the sale. Read the requirement a. Journalize Browning earning service revenue of $15,000 on account and then collecting $10,000 on account. (Record debits first, then credits. Exclude explanations from any jounal entries.) Start by recording Browning earning $15,000 of service revenue on account. Journl Entry in Mei Date Accounts Debit Credit 2018 ssignm o Home Take a Qu Journalize the followibg transactions for Browning: a. Accrued revenue. Some customers pay Browning after Browning has performed the service for the customer. During 2018, Browning performed services for $15,000 on account and later received cash of $10,000 on account from these customers. b. Unearned revenue. A few customers pay Browning in advance, and Browning later performs the service for the customer. During 2018, Browning collected $2,000 cash in advance and later earned $1,500 of this amount
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