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For each separate case, record an adjusting entry (if necessary). a. Lonzo Company receives $3,300 cash in advance for six months of recycling services on
For each separate case, record an adjusting entry (if necessary). a. Lonzo Company receives $3,300 cash in advance for six months of recycling services on September 1 and records it by debiting Cash and crediting Unearned Revenue for $3,300. Lonzo provides recycling services monthly as promised. b. On October 20, Milwaukee Bucks sold a 10 game ticket package for $220 and recorded Unearned Revenue. By December 31, 4 of the 10 games had been played. Record the December 31 year-end adjusting entry that the Bucks record for the 40% of revenue earned on the $220 ticket package. Prepare the December 31 year-end entry that companies record to adjust the Revenue and the Unearned Revenue accounts. View transaction list Journal entry worksheet 1 2 Record the revenue earned from the service provided for 4 months of 6 months contracted. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit Record entry Clear entry View general journal For each separate case, record an adjusting entry (if necessary). a. Lonzo Company receives $3,300 cash in advance for six months of recycling services on September 1 and records it by debiting Cash and crediting Unearned Revenue for $3,300. Lonzo provides recycling services monthly as promised. b. On October 20, Milwaukee Bucks sold a 10 game ticket package for $220 and recorded Unearned Revenue. By December 31, 4 of the 10 games had been played. Record the December 31 year-end adjusting entry that the Bucks record for the 40% of revenue earned on the $220 ticket package. Prepare the December 31 year-end entry that companies record to adjust the Revenue and the Unearned Revenue accounts. View transaction list Journal entry worksheet < 1 2 Record the recognize revenue earned from the ticket sale for 4 of 10 games played. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit Clear entry View general journal Record entry
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