GreenLawn Co. provides landscaping services to clients. On May 1, a customer paid GreenLawn $60,000 for...
GreenLawn Co. provides landscaping services to clients. On May 1, a customer paid GreenLawn $60,000 for 6-months services in advance. GreenLawn’s general journal entry to record this transaction will include a:
Multiple Choice
-
Debit to Unearned Revenue for $60,000.
-
Credit to Cash for $60,000.
-
Credit to Unearned Revenue for $60,000.
-
Debit to Accounts Receivable for $60,000.
-
Credit to Accounts Receivable for $60,000.
Homework Answers
Anser is option C
C. Credit to Unearned Revenue for $60,000.
Entry to record revenue received in advance
|
Accounts |
Debit |
Credit |
|
Cash |
60000 |
|
|
Unearned revenue |
60000 |
As cash is received it is debited and unearned revenue is credited as it is treated as liability until service is provided.
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