Adjusting entry

cuteguy100 · #1 Apr 3, 2007, 06:53 PM

1. An analysis of lee's service contracts with customers shows that $8,300 of the amount customers have prepaid remains unearned.
and balance in adjusted trial balance for unearned service fees is 20000 credit.

2. Lee has earned but unrecorded revenue for $10,000 for services provided to a customer who will pay for the work on January 24. At that time, the customer will also pay $3,100 for services Leeward will perform in early January.balance in service revenue earned is 267000 credit.
entries had to be done for dec 31.

cuteguy100 · Apr 4, 2007, 06:55 AM

1. unearned revenue dr 11700
service revenue cr 11700

2. service revenue 6900
accounts receivable 6900

cuteguy100 · Apr 4, 2007, 02:42 PM

thanks for the help.



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