The following information is from the records of attorney Glenn Price. Write a brief explanation of the
Question:
The following information is from the records of attorney Glenn Price. Write a brief explanation of the accounting event represented in each of the general journal entries.
Date Account Titles Deblt Credit 40,000 Jan. Cash Common Stock 40,000 24,000 Feb. 1 Cash Service Revenue 24,000 Prepaid Rent Mar. 1 1,600 Cash 1,600 Apr. 1 Accounts Receivable 48,000 48,000 Service Revenue May 1 Supplies 2,000 Cash 2,000 June 10 Cash 8,000 Unearned Revenue 8,000 July 10 Cash 8,800 Accounts Receivable 8,800 Aug. 1 Salaries Expense Cash 4,000 4,000 Oct. 1 Dividends 2,000 Cash 2,000 Nov. 1 Property Tax Expense 3,000 3,000 Cash Dec. 31 Rent Expense Prepaid Rent 4,400 4,400 31 Unearned Revenue 2,240 Service Revenue 2,240 31 Supplies Expense Supplies 800 800
Step by Step Answer:
Entry Date Description of Transaction January 1 Acquired cash from the issu...View the full answer
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
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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