On March 1, One Eleven Music Studio collects $125 from each of its 40 students taking drum

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On March 1, One Eleven Music Studio collects $125 from each of its 40 students taking drum lessons to pay for lessons for the month of March. Record the required journal entry to book the transaction:

a. No entry is required until the end of the month

b. Debit Cash $5,000 and credit Revenue $5,000

c. Debit Revenue $5,000 and credit Cash $5,000

d. Debit Cash $5,000 and credit Unearned Revenue $5,000

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Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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Question Posted: Dec 06, 2019 10:58 AM

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On March 1, One Eleven Music Studio collects $125 from each of its 40 students taking drum

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Fundamental Accounting Principles Volume I

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