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Can you please help me fix what I did wrong in red? Also, please help me understand why we put deferred revenue and service revenue
Can you please help me fix what I did wrong in red? Also, please help me understand why we put "deferred revenue" and "service revenue" - Thanks!
Brief Exercise 3-10 Record the adjusting entry for deferred revenue (L03-3) Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $5,400 ($1,800/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0). Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 and 2 Required 3 Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No Date General Journal Debit Credit 1 November 01 > 1,800 Service Revenue Deferred Revenue 1,800 2 December 31 Deferred Revenue > 3,600 Service Revenue 3,600 (Required 1 and 2 Required 3 > Brief Exercise 3-10 Record the adjusting entry for deferred revenue (LO3-3) Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $5,400 ($1,800/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0). Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 and 2 Required 3 Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0). $ Deferred revenue Service revenue Ending Balance 1,800 3,600Step by Step Solution
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