Solution:
Journal Entries - Curtis's carpet | |||
Event | Particulars | Debit | Credit |
1 | Cash Dr | $600.00 | |
To Unearned sales revenue | $600.00 | ||
(To record advance received from customer) | |||
2 | Unearned sales revenue Dr | $60.00 | |
To Sales revenue | $60.00 | ||
(To record sales revneue) |
Brief Exercise 8-52 Unearned Sales Revenue Curtis's Carpet Cleaning normally charges $90 to clean one room...
Brief Exercise 8-53 Unearned Rent Revenue Mannion Property Management leases commercial properties and expects its clients to pay rent on a monthly basis. A new client signs a 4-year lease with a yearly rent of $420,000 and agrees to pay the first 6 months in advance. Required: 1. Make the journal entry to record the customer's prepayment of 6 months' rent. (Record Record prepayment of rent) 2. Make the journal entry to record the necessary adjusting entry after 1 month...
Cornerstone Exercise 8-29 (Algorithmic) Unearned Sales Revenue Trademark Lawn Services offers a promotion where they will mow a customer's lawn 15 times if the customer pays $570 in advance. Required: 1. Make the journal entry to record the customers' prepayment of $570. (Record payment received for services not yet performed) 2. Make the journal entry to record Trademark's mowing of the lawn one time. Round your answers to nearest whole number (Record revenue) Check My Work 1 more Check My...
Brief Exercise 7-8 Tony Acrobats lent $25,972 to Donaldson, Inc., accepting Donaldson’s 2-year, $32,000, zero-interest-bearing note. The implied interest rate is 11%. Prepare Tony’s journal entries for the initial transaction, recognition of interest each year, and the collection of $32,000 at maturity. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do...