Cakery Bakery received $1,000 from a customer on August 5, 2016 for a wedding cake to...
Cakery Bakery received $1,000 from a customer on August 5, 2016 for a wedding cake to be delivered on September 19, 2016. What would Cakery Bakery record on their books when the cake is successfully delivered?
Homework Answers
1. When Cakery bakery received Cash i.e., August 5, entry will be
Dr. Cash $1000
Cr. Unearned Sales revenue $1000
2. When Cake is delivered i.e., on Sept 19, entry will be
Dr. Unearned Sales revenue $1000
Cr. Sales revenue $1000
Explanation: When cash is received for sales which is to be delivered in future, it is treated as unearned revenue, but when this revenue is actually been earned, unearned sales revenue shall be reversed and transferred to sales revenue.
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