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-   -   Adjusting entries (https://www.askmehelpdesk.com/showthread.php?t=134967)

  • Sep 28, 2007, 05:22 PM
    swthrt
    Adjusting entries
    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
  • Sep 28, 2007, 06:24 PM
    CaptainForest
    Correct on both JE

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