Homework Answers
| 1. Journal Entry to Record cash collection in 2021. | |||
| Date | General Journal | Debit | Credit |
| 2021 | Unearned Revenue | $ 146,000 | |
| Sales Revenue | $ 146,000 | ||
| To record revenue earned-40% | |||
| 2021 | Cash | $ 219,000 | |
| Sales Revenue | $ 219,000 | ||
| To record cash collection-60% | |||
| OR Combined Entry for above | |||
| Unearned Revenue | $ 146,000 | ||
| Cash | $ 219,000 | ||
| Sales Revenue | $ 3,65,000 | ||
| To Revenue earned during the year | |||
| Note: Of $309,000, $219,000 is 60%. Thus, 100% is $365,000. | |||
| Payment Received in Advance in 2020 is 40% = $365,000 × 0.4 = $146,000 | |||
| Journal to Record Prepayment Received for 2022 | |||
| 2021 | Cash | $ 90,000 | |
| Unearned Revenue | $ 90,000 | ||
| To record Prepayment received | |||
| Note: Prepayment received for 2022 = $309,000 - $219,000 = $90,000 | |||
| 2.Balance in Unearned Revenue as on Dec.31, 2021 | |
| Amount in Unearned Revenue as on | |
| Dec. 31, 2020 | $ 1,79,000 |
| Less: Amount earned during 2021 | $ -1,46,000 |
| Bal. of Unearned Revenue Dec. 3,2021 | $ 33,000 |
| Add: Prepayment received during 2021 | $ 90,000 |
| Bal. in Unearned Revenue on Dec. 31,2021 | $ 1,23,000 |
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