adjusting entries

Question

Sep 28, 2007, 04:22 PM

swthrt

New Member

Join Date: Jan 2007

Posts: 2

adjusting entries

I should know this but i'm hoping you can confirm my entries.

If i had to journalize a Receipt of $5100 for services to be performed in the future during the month of January, would the following entry be correct?

Cash $5100
Unearned Revenue 5100

Now, if I were to receive $1500 of that service revenue earned as of Jan 31, would the adjusting entry be

Unearned Revenue $1500
Service Revenue 1500

Thanks,
J

Answers

Sep 28, 2007, 05:24 PM	#2

CaptainForest Finance & Accounting Expert Join Date: Nov 2005 Location: Canada Posts: 3,672	Correct on both JE

Answer this Question Ask about Accounting

« Previous Thread | Next Thread »

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Sponsors

Similar Threads
Question	Asker	Forum	Answers	Last Post
Adjusting Entries	Lefty1519	Accounting	0	Sep 9, 2007 05:07 AM
adjusting entries	francsea	Accounting	0	Aug 26, 2007 10:45 PM
Adjusting entries	monaliz_20	Finance & Accounting	0	Jul 17, 2007 04:42 PM
Adjusting Entries	jplank7294	Finance & Accounting	1	Dec 4, 2006 04:43 PM
adjusting entries	notebook	Accounting	2	Sep 10, 2006 08:23 PM



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!