On December 1, ABC Company received $3,000 cash from a customer for 3 months of business...
On December 1, ABC Company received $3,000 cash from a customer for 3 months of business services beginning December 1st. Prepare the journal entry to record the receipt of the 3,000 and the adjusting entry required on December 31st.
Homework Answers
| Date | Account Title | Debit | Credit |
| 01-Dec | Cash | $ 3,000 | |
| Unearned Service Revenue | $ 3,000 | ||
| (to recording advance) | |||
| 31-Dec | Unearned Service Revenue ($3000/3) | $ 1,000 | |
| Service Revenue | $ 1,000 | ||
| ( to record revenue for the current period) | |||
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