131k views
5 votes
On December 1, $11,650 was received for a service contract to be performed from December 1 through April 30. b Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31.

Required:
Record journal entries for the above transactions. Refer to the Chart of Accounts for exact wording of account titles.

User Okoboko
by
7.8k points

1 Answer

6 votes

Answer:

Journal entry

Date Account Title and Explanation Debit Credit

Dec 1 Cash $11650

Unearned fees $11650

(To record unearned fees)

Dec 31 Unearned fees (11650/5) $2330

Fees earned $2330

(To record adjusting entry)

User Reduckted
by
9.3k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.