Ask Experts Questions for FREE Help !
Ask

Unearned Service Revenue STill Unearned.

Asked Feb 25, 2007, 09:20 PM — 5 Answers
If the Trial balance says Unearned Service Revenue Cr. 12,560

The adjusting entry says Unearned Service Revenue still unearned, $800, how do I enter this?

Search this Thread
Share |
5 Answers
CaptainForest's Avatar
CaptainForest Posts: 3,684, Reputation: 2085
Ultra Member
  
#2

Feb 28, 2007, 12:22 AM
So right now, your unearned service revenue account says you have 12,560 in it.

But, you should only have 800 in it.

Therefore, the account is overstated by 12,560-800 = $11,760

Therefore, you must REMOVE 11,760 from the account.

Dr. Unearned Service Revenue 11,760
Cr. Revenue 11,760

When the unearned service revenue is decreased, it is because the amount has been earned; therefore you can recognize it as revenue.
Helpful
SOSMOM's Avatar
SOSMOM Posts: 12, Reputation: 1
New Member
  
#3

Feb 28, 2007, 01:28 PM
Your awesome! Will you marry me? J/k
Helpful
lolita marshall's Avatar
lolita marshall Posts: 2, Reputation: 1
New Member
  
#4

May 30, 2012, 04:00 AM
service revenue still unearned at end of period 1166 trial balance have unearned revenue a debit 2970
Helpful
lolita marshall's Avatar
lolita marshall Posts: 2, Reputation: 1
New Member
  
#5

May 30, 2012, 04:03 AM
service revenue still unearned at the end of period 1166 trail balance is debit unearned revenue 2970
Helpful
pready's Avatar
pready Posts: 2,666, Reputation: 887
Ultra Member
  
#6

May 30, 2012, 09:55 AM
You have to know what your Unearned Revenue account balance is or there has to be a way to calculate the account balance. Read your problem and it should contain the information needed to solve it or it will give you the information needed to calculate the information needed to solve the problem.

When you have the account balance then you can follow CaptainForest's post to solve your problem.

Your debit of 2970 will reduce your Unearned Revenue account balance because Unearned Revenue is a liability and has a normal credit balance.
Helpful
Not your question? Ask your question View similar questions
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Add your answer here.

Remove Text Formatting
 

Undo
Redo
  
Decrease Size
Increase Size
Bold
Italic
Underline
Align Left
Align Center
Align Right
Ordered List
Unordered List
Decrease Indent
Increase Indent
Insert Email Link
Wrap [QUOTE] tags around selected text
Wrap [CODE] tags around selected text
Wrap [HTML] tags around selected text
Wrap [PHP] tags around selected text
Wrap [YOUTUBE] tags around selected text
Notification Type:



Check out some similar questions!

Unearned Income jornal entry question [ 3 Answers ]

In a journal entry for a company that has contracted for services and paid a partial amount for such services how would the journal entry be entered. I thought it would be as Cash - Debit, Unearned Income - Debit, Account Receivable - Credit. For example: If the contract is for 3 months at...

Adjusted Entries For Unearned Revenuezs [ 1 Answers ]

Hi I am new to this site and I really need some help on a couple of homework ?'s 1. Green mountain company, publishes a monthly magazine featuring local resturaunt reviews. Subscribers pay for the subscriptions either one year or two years in advance. Cash received from subscribers is credited to...

Unearned Rent [ 2 Answers ]

I NEED HELP I have a problem that I am doing for my accounting class. I am trouble with adjusting the unearned rent and rent revenue. In the trial balance ledger: unearned rent 1,200 Adjustment was : the unearned rent on Dec. 31 was 400 How do I calculate this for the work sheet?

Recording Prepaid expenses and Unearned Revenues [ 1 Answers ]

Hello- This is my first time taking Accounting and I'm having a few problems with some of my entries. If anyone could look at my first entry and help it would be greatly appreciated. I have to do the following: Prepare entries for the transactions under the method that records prepaid...

Unearned services [ 3 Answers ]

I received a check today for $ 6,000 from providence country club to photograph events held at the club over the next 12 months. This is the journal entry I did, please let me know whether it is correct. Cash 6000 Unearned revenue 6000 This is the final trial balance adusting entry...

View more Finance & Accounting questions Search