The accounting records of Events Unlimited include the following unadjusted balances at September 30: Accounts Receivable, $1,900;
Question:
a. Service revenue accrued, $1,800.
b. Unearned service revenue that has been earned, $500.
c. Supplies on hand, $70.
d. Salaries owed to employees, $1,600.
Requirement
Record the adjustments, then post them to T-accounts, labeling each adjustment by letter. Calculate each account’s adjusted balance.
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Journal DATE ACCOUNTS POST REF Dr Cr a Accounts receivable ...View the full answer
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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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