Question: Cornerstone Exercise 3-19 (Algorithmic) Deferred Revenue Adjusting Entries Olney Cleaning Company had the following items that require adjustment at year end. a. For one

Cornerstone Exercise 3-19 (Algorithmic) Deferred Revenue Adjusting Entries Olney Cleaning Company had

Cornerstone Exercise 3-19 (Algorithmic) Deferred Revenue Adjusting Entries Olney Cleaning Company had the following items that require adjustment at year end. a. For one cleaning contract, $11,500 cash was received in advance. The cash was credited to Unearned Service Revenue upon receipt. At year end, $460 of the service revenue was still unearned. b. For another cleaning contract, $8,800 cash was received in advance and credited to Unearned Service Revenue upon receipt. At year end, $2,920 of the services had been provided. Required: 1. Prepare the adjusting journal entries needed at December 31. Dec. 31 Unearned Service Revenue Service Revenue (Record earned revenue) Dec. 31 Unearned Service Revenue Service Revenue (Record earned revenue) Feedback 11,040 11,040 2,920 2,920 2. What is the balance in Unearned Service Revenue at December 31 related to the two cleaning contracts? 16,920 X Feedback

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