Lincoln Corp. received advance payments from customers during 2017 of $10,000. At December 31, 2017, $1,000...
Lincoln Corp. received advance payments from customers during
2017 of $10,000. At December 31, 2017, $1,000 of the advance
payments still had notbeen earned. After the
adjustments are recorded and posted at December 31, 2017, what are
the balances in Unearned Service Revenue and Service
Revenue?
| Unearned Service Revenue | Service Revenue |
a.
$1,000 $9,000
b.
$9,000 $10,000
c.
$11,000 $1,000
d.
$1,000 $10,000
Homework Answers
a. $1,000; $9,000
Unearned Service Revenue = $1,000
Service Revenue = $10,000 - $1,000 = $9,000
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Lincoln Corp. received advance payments from customers during
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