Prepare journal entries to record the following transactions and post any entries that affect the Unearned...
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Prepare journal entries to record the following transactions and post any entries that affect the Unearned Revenue T-account (assume Unearned Revenue beginning balance of $10,600 as of April 30). Enter the transaction letter as the description when entering the transactions in the journal Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan) Enter the beginning balance and then post the debit and credit entries into the Unearned Revenue T-account. Place the date in the left-hand cell and the amount in the right-hand cell of the appropriate side of the T-account. Determine the ending balance and write Balance' (or 'Bal') next to it, in the left-hand cell on the appropriate side. 2 a. May 1: Collected an advance payment from client for consulting, $14,500 b. December 31: Remaining unearned consulting advances, $7,250 3- Date General Journal Account/Explanation Page G& PR Debit Credit Unearned Revenue Prepare journal entries to record the following transactions and post any entries that affect the Unearned Revenue T-account (assume Unearned Revenue beginning balance of $10,600 as of April 30). Enter the transaction letter as the description when entering the transactions in the journal Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan) Enter the beginning balance and then post the debit and credit entries into the Unearned Revenue T-account. Place the date in the left-hand cell and the amount in the right-hand cell of the appropriate side of the T-account. Determine the ending balance and write Balance' (or 'Bal') next to it, in the left-hand cell on the appropriate side. 2 a. May 1: Collected an advance payment from client for consulting, $14,500 b. December 31: Remaining unearned consulting advances, $7,250 3- Date General Journal Account/Explanation Page G& PR Debit Credit Unearned Revenue
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Unearned Revenue TAccount Date Debit Credit Bal 10600 31De... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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