Question: For each separate case, record an adjusting entry (if necessary). a. Lonzo Company receives $7,200 cash in advance for six months of recycling services

For each separate case, record an adjusting entry (if necessary). a. Lonzo Company receives $7,200 cash in advance for six months of recycling services on September 1 and records it by debiting Cash and crediting Unearned Revenue for $7,200. Lonzo provides recycling services monthly as promised. b. On October 20, Milwaukee Bucks sold a 10 game ticket package for $480 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 $480 ticket package. Prepare the December 31 year-end entry that companies record to adjust the Revenue and the Unearned Revenue accounts.

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