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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.

Sagot :

Tundexi

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)

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