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-   -   Unearned Revenue at year end no work complete. (https://www.askmehelpdesk.com/showthread.php?t=362799)

  • Jun 8, 2009, 01:33 PM
    tmpatton71
    Unearned Revenue at year end no work complete.
    Hello, I need help with this one Please,

    Need to adjust entries for adjusted trial balance.---in journal form

    Year end June 30, 20xx

    On June 1, 20xx, Company accepted advance of $21,000 for services to be performed in the next year.

    The $21,000 was credited to Unearned Service Revenue.

    I have NO ENTRY as my answer.

    No services performed in this period so NO adj needed?
  • Jun 9, 2009, 09:06 PM
    pready

    Your original transaction would be:
    Debit Cash for the amount
    Credit Unearned Service Revenue.

    If no Service has been provide yet, then there is no adjusting entry.

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