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Bryson, Inc., collects cash from customers in advance and from other customers after the sale. Read the requirement a. Journalize Bryson earning service revenue of
Bryson, Inc., collects cash from customers in advance and from other customers after the sale. Read the requirement a. Journalize Bryson earning service revenue of $25,000 on account and then collecting $12,000 on account. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by recording Bryson earning $25,000 of service revenue on account. Journl Entry Requirement Date Accounts Debit Credit 2018 Journalize the following transactions for Bryson: a. Accrued revenue. Some customers pay Bryson after Bryson has performed the service for the customer. During 2018, Bryson performed services for $25,000 on account and later received cash of $12,000 on account from these customers. b. Unearned revenue. A few customers pay Bryson in advance, and Bryson later performs the service for the customer. During 2018, Bryson collected $2,000 cash in advance and later earned $500 of this amount. Print Done
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