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How would I journalize this transaction.

Asked Sep 25, 2008, 10:51 AM — 4 Answers
Art services performed for which payment has been received in advance total $1,400. How would this be journalized?

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AdamUTsel's Avatar
AdamUTsel Posts: 100, Reputation: 5
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#2

Sep 25, 2008, 12:05 PM
Dr. Unearned revenue 1,400
Cr. Art Service Revenue 1,400
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arod914's Avatar
arod914 Posts: 3, Reputation: 1
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#3

Sep 25, 2008, 12:06 PM
Cash 1400
Unearned Income 1400
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AdamUTsel's Avatar
AdamUTsel Posts: 100, Reputation: 5
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#4

Sep 25, 2008, 12:07 PM
Quote:
Originally Posted by arod914 View Post
Cash 1400
Unearned Income 1400
The statement notes that services were performed (so revenue should be recognized now) and payments had already been received (cash already booked prior against an unearned revenue account).
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arod914's Avatar
arod914 Posts: 3, Reputation: 1
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#5

Sep 25, 2008, 12:14 PM
Quote:
Originally Posted by AdamUTsel View Post
The statement notes that services were performed (so revenue should be recognized now) and payments had already been received (cash already booked prior against an unearned revenue account).
You are absolutely right...I journalized what would have been the inital entry. Sorry.
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