swthrt
Sep 28, 2007, 05:22 PM
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
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