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Homework Answers
1.
| Transactions | Assets | = | Liabilities | + | Shareholder's Equity | |||
| (a) | Cash/Bank | $420 | = | Deferred Revenue | $420 | + | Revenue from Operations | 0 |
| (b) | Cash/Bank | 0 | = | Deferred Revenue | ($204) | + | Revenue from Operations | $204 |
| (c) | Cash/Bank | 0 | = | Deferred Revenue | ($216) | + | Revenue from Operations | $216 |
| Total | Cash/Bank | $420 | = | Deferred Revenue | $0 | + | Revenue from Operations | 420 |
2. Journal Entries
| S. No. | Date | General Journal | Debit | Credit |
| 1 | 2018 | Cash/Bank | $420 | |
| Deferred Revenue | $420 | |||
| (Amount collected but service not rendered) | ||||
| 2 | 2018 | Deferred Revenue | $204 | |
| Profit & Loss A/c | $204 | |||
| (Revenue recognized in profit and loss A/c) | ||||
| 3 | 2019 | Deferred Revenue | $206 | |
| Profit & Loss A/c | $206 | |||
| (Revenue recognized in profit and loss A/c) |
Note: Students can use term "Unearned Revenue" also instead of Deferred Revenue.
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