1)

For each separate case, record an adjusting entry (if necessary).

1. Lonzo Company receives $5,700 cash in advance for six months of recycling services on September 1 and records it by debiting Cash and crediting Unearned Revenue for $5,700. Lonzo provides recycling services monthly as promised.
2. On October 20, Milwaukee Bucks sold a 10 game ticket package for $380 and recorded Unearned Revenue. By December 31, 4 of the 10 games had been played. Record the December 31 year-end adjusting entry that the Bucks record for the 40% of revenue earned on the $380 ticket package.

Prepare the December 31 year-end entry that companies record to adjust the Revenue and the Unearned Revenue accounts.

1.

Journal entry worksheet Record the revenue earned from the service provided for 4 months of 6 months contracted. Note: Enter debits before credits. Journal entry worksheet Record the recognize revenue earned from the ticket sale for 4 of 10 games played. Note: Enter debits before credits. Journal entry worksheet Record the salaries incurred but not yet paid. Note: Enter debits before credits. a. Debit a. Credit Cash b. Debit Current assets b. Credit c. Debit Long-term investments c. Credit Supplies Supplies expense Unearned revenuea. Debit a. Credit b. Debit Supplies b. Credit Supplies expense c. Debit Unearned revenue c. Credit Wages expense Wages payable