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Unearned Revenue Aylmer has some customers that pay for services in advance of work started. At December 31, Y6, the accountant reviewed unearned revenue to
- Unearned Revenue
Aylmer has some customers that pay for services in advance of work started. At December 31, Y6, the accountant reviewed unearned revenue to see how much revenue had been earned.
In the Excel spreadsheet, see the tab labelled Unearned Revenue for details relating to unearned revenue and to make any calculations for an adjusting journal entry.
| The following items relate to Unearned Sales Revenue: | ||||
| Date | ||||
| Received | Customer Name | Amount | Details/Comments | |
| 11/1/Y6 | Plaid Corp | $ 71,400 | at December 31, $58,900 worth of work was completed | |
| 12/5/Y6 | Joseph Company | - | at December 31, 33% of the work was completed | |
| 12/15/Y6 | Houston Corp | 93,500 | at December 31, 3/4 of the work was completed | |
| 12/30/Y6 | TC Jester | 201,300 | work is to start on January 3, Y7 | |
| $ 366,200 | ||||
| Based on the above information, calculate the amount the should be recorded as earned income for Y6 |
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