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    swthrt's Avatar
    swthrt Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Sep 28, 2007, 05:22 PM
    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
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Sep 28, 2007, 06:24 PM
    Correct on both JE
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