Unearned Revenue Still Unearned

Question

Feb 27, 2007, 01:28 PM

cruizinchik

New Member

Join Date: Feb 2007

Posts: 1

Unearned Revenue Still Unearned

I have to make an adjusting entry for this:

Unearned Service Revenue still Unearned, $800

There is a previous credit balance of 5,300. At first I thought there was no entry, but then when I started to do the income statement the answer I'm suppose to have is not correct with the answer I have. I need help, I've been working on this question since yesterday and I do not get it! Any help or insight would be greatly appreciated thanks!

Answers

Feb 28, 2007, 01:26 AM	#2

CaptainForest Finance & Accounting Expert Join Date: Nov 2005 Location: Canada Posts: 3,672	So the balance is 5,300. They are telling you it should only be 800. Therefore, you need to decrease the account by 5,300-800 = 4,500 Dr. Unearned Service Revenue 4,500 Cr. Service Revenue 4,500

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