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    key35's Avatar
    key35 Posts: 1, Reputation: 1
    New Member
     
    #1

    Feb 13, 2011, 08:41 PM
    Where does this come from Unearned Revenue in adjustment?
    The trial balance columns of the worksheet for Briscoe Company at June 30, 2008, are as follows.

    BRISCOE COMPANY

    Worksheet

    For the Month Ended June 30, 2008
    Trail Balance

    Account Titles Dr. Cr.

    Cash $2,320
    Accounts Receivable 2,440
    Supplies 1,880
    Accounts Payable $1,120
    Unearned Revenue 240
    Common Stock 3,600
    Service Revenue 2,400
    Salaries Expense 560
    Miscellaneous Expense 160
    $7,360 $7,360


    Other data:

    1. A physical countreveals $300 of supplies on hand.
    2. $100 of the unearned revenue is still unearned at month-end.
    3. Accrued salaries are $280.

    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #2

    Feb 14, 2011, 08:10 AM

    1. You need to do an adjusting entry for the difference between what your Supplies account balance says you have and what you actually have onhand.

    2. The difference in your Unearned Revnue account and the amount still Unearned is the revnue that has been earned.

    3. the amount listed is what employees have earned in wages and what you owe to your employees.

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