Dr/Cr | unearned revenue | ||||||||||||
Step 1 | Determine what the current account balance equals | 10,000 | Credit | 10,000 | |||||||||
7,500 | |||||||||||||
Step 2 | Determine what the current account balance should equal | 2500 | 2,500 | ||||||||||
Step 3 | Record the December 31 adjusting entry to get from step 1 to step 2 | ||||||||||||
debit | Credit | ||||||||||||
unearned revenue | 7,500 | ||||||||||||
legal services revenue | 7,500 | ||||||||||||
(10000/4)*3 | |||||||||||||
Dr/Cr | unearned subscription revenue | ||||||||||||
Step 1 | Determine what the current account balance equals | 2,400 | Credit | 2,400 | |||||||||
1,200 | |||||||||||||
Step 2 | Determine what the current account balance should equal | 1200 | 1,200 | ||||||||||
Step 3 | Record the December 31 adjusting entry to get from step 1 to step 2 | ||||||||||||
debit | Credit | ||||||||||||
insurance expense | 1,200 | ||||||||||||
prepaid insurance | 1,200 | ||||||||||||
or each separate cose below, follow the three-step process for adusting the unearned revenu uity sccount...
For each separate cose below, follow the three-step process for adjusting the uneared revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year. a. Tao Co.receives $11,000 cash in advance for four months of evenly planned legal services beginning...
For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Tao Co. receives $10,100 cash in advance for four months of evenly planned legal services...
For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31 Step 1: Determine what the current account balance equals Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year a. Tao Co. receives $10,800 cash in advance for four months of evenly planned legal services...
For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31, Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1to step 2. Assume no other adjusting entries are made during the year. a. Tao Co. receives $10,200 cash in advance for four months of evenly planned legal services beginning...
For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year. Tao Co. receives $11,200 cash in advance for four months of evenly planned legal services beginning...
Check 3 10 points For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31 Step 1: Determine what the current account balance equals Step 2: Determine what the current account balance should equal, Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year eBook Hir References a. Too Co. receives $10,000 cash in advance for...
QS 3-11 Adjusting for unearned revenues LO P1 For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Tao Co. receives $11,300 cash in advance...
QS 3-11 Adjusting for unearned (deferred) revenues LO P2 For each separate case below, follow the three step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Tao Co receives $10,000 cash...
step by step to get the answer. Only got some. For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at Dec Step t Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3 Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made duing the year a Tho Co. receives $10.,300 cash in...
a. Tao Co. receives $11,800 cash in advance for four months of legal services on October 1, 2017, and records it by debiting Cash and crediting Unearned Revenue both for $11,800. It is now December 31, 2017, and Tao has provided legal services as planned. What adjusting entry should Tao make to account for the work performed from October 1 through December 31, 2017? Unearned revenue Step 1: Determine what the current account balance equals. 4 Step 2: Determine what...