Question

At the beginning of the year, Choice Advertising owed customers $3,200 for unearned revenue collected in advance. During the

Drop menu options are Adj Bal, Bal, Cash collected for future services, and Earned from advanced collections

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Answer #1

Requirement 1:

Date Account title and Explanation Debit Credit
Dec.31 Unearned revenue [3,200+8,600-4,700] $7,100
Service revenue $7,100
[To record service revenue that was collected in advance]

T-Accounts:

Unearned Revenue
$3,200 Bal.
Earned from advanced collections $7,100 $8,600 Cash collected for future services
$4,700 Adj. Bal.
Service revenue
$40,000 Bal.
$7,100 Earned from advanced collections
$47,100 Adj. Bal.
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