Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information For Decision Making Process

Authors: Karl Matron

1st Edition

B07DZQJMZ2

More Books

Students also viewed these Accounting questions

Question

=+ Have they changed the way employers view IP?

Answered: 1 week ago