Jacob Co. had the following balances on December 31, 201X: The accountant for Jacob has asked you
Question:
Jacob Co. had the following balances on December 31, 201X:
The accountant for Jacob has asked you to make an adjustment because $360 of janitorial services has just been performed for customers who had paid for 2 months. Construct a transaction analysis chart.
Cash Unearned Janitorial Service Revenue 1,800 550 Janitorial Service Revenue 7,100
Step by Step Answer:
Account Category Incr Or Decr Rules Amount Unearned Janito...View the full answer
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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