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    jessval24's Avatar
    jessval24 Posts: 8, Reputation: 1
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    #1

    Oct 15, 2008, 02:11 PM
    Adjusting journal entry
    $2000 of unearned service revenue is still unearned at Dec 31st do I subtract 2000 from the unearned service revenue on the original balance sheet to get the adjusting entry because its still unearned?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 15, 2008, 05:24 PM

    You Subtract a amount from your beginning Unearned Service Revenue to get to the ending amount of $2,000 in the Unearned Service Revenue Account.

    For example if there is a beginning Unearned Service Revenue Account has $10,000 then you do an $8,000 adjusting entry to reach the ending balance of $2,000 in the Unearned Service Revenue.

    The adjusting entry is:

    Debit Unearned Service Revenue for the Amount.
    Credit Service Revenue for the Amount.
    jessval24's Avatar
    jessval24 Posts: 8, Reputation: 1
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    #3

    Oct 15, 2008, 05:55 PM
    Sooo if the beginning balance for unearned service revenue is 3100. And 2000 is still unearned would u debit unearned service rev for 1100 in the adjusting entry?
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