vfhbyf
Mar 6, 2011, 04:07 PM
I have a trial balance for Dec 31, 2011.
...
Unearned sales revenue 4 000
Cost of goods sold 171 225
Sales 263 770
...
I need to prepare an adj. entry:
Unearned sales revenue of $975 is still unearned at Dec. 31, 2011. On the sales that were earned, cost of goods sold was $2 000.
So I did the following adj. entry:
1) Unearned sales revenue 3025
Sales revenue 3025
2) Cost of goods sold ?
Sales revenue ?
I am confused, don't know what exactly and how to do the entries.
...
Unearned sales revenue 4 000
Cost of goods sold 171 225
Sales 263 770
...
I need to prepare an adj. entry:
Unearned sales revenue of $975 is still unearned at Dec. 31, 2011. On the sales that were earned, cost of goods sold was $2 000.
So I did the following adj. entry:
1) Unearned sales revenue 3025
Sales revenue 3025
2) Cost of goods sold ?
Sales revenue ?
I am confused, don't know what exactly and how to do the entries.