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For each separate case, record an adjusting entry (if necessary). a. Lonzo Company receives $6,900 cash in advance for six months of recycling services on
For each separate case, record an adjusting entry (if necessary). a. Lonzo Company receives $6,900 cash in advance for six months of recycling services on September 1 and records it by debiting Cash and crediting Unearned Revenue for $6,900. Lonzo provides recycling services monthly as promised. Prepare the December 31 year-end adjusting entry that Lonzo records for the work performed from September 1 through December 31 . b. On October 20, Milwaukee Bucks sold a 10 game ticket package for $460 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 $460 ticket package. Journal entry worksheet 2 Record the revenue earned from the service provided for 4 months of 6 months contracted. Note: Enter debits before credits
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