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Bryson Inc. collects cash from customers two ways: 1. Accrued Revenue. Some customers pay Bryson after Bryson has performed service for the customer. During 2020,
Bryson Inc. collects cash from customers two ways: 1. Accrued Revenue. Some customers pay Bryson after Bryson has performed service for the customer. During 2020, Bryson made sales of $56,000 on account and later received cash of 836 000 on account from these customers 2. Unearned Revenue. A few customers pay Bryson in advance, and Bryson later performs service for the customer During 2020, Bryson collected $9,500 cash in advance and later earned 53 500 of this amount Journalize the following for Bryson: Earning service revenue of $56,000 on account and then collecting $36,000 on account b. Receiving $9,500 in advance and then eaming $3,500 as service revenue a. a. Journalize Bryson earning service revenue of $56,000 on account and then collecting $36,000 on account. Start by recording earning service revenue on account (Record debits first, then credits. Explanations are not required.) Accounts Debit Date Credit 2020 Next, record the entry to show Bryson receiving cash for a portion of the revenue previously earned on account Debit Credit Date Accounts 2020 b. Journalize Bryson receiving $9,500 in advance and then earning $3,500 as service revenue Start by recording Bryson's cash collections in advance of services being performed. Date Accounts Debit Credit 2020 Finally, record the entry to show Bryson earning the service revenue Date Accounts Debit Credit 2020
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