Homework Answers
| July 1, 2019 | Cash | 19,500 | |
| Unearned revenue | 19,500 | ||
| Dec 31,2019 | Unearned revenue | 2,437.5 | |
| Service revenue | 2,437.5 |
| Unearned service revenue | |||
| Dec 31 | 2,437.5 | July 1 | 19,500 |
| Bal | 17,062.5 | ||
| Service revenue | |||
| July 1 | 2,437.5 | ||
| Bal | 2,437.5 |
Service revenue = 19,500 x 1/4 (No. of contract year) x 6/12 (no. months)
= 2,437.5
Unearned revenue is the money recieved for a service that is yet to be done, Here on July 1, cash is recieved but the service is not done. As per accrual basis, revenue are to be recorded when it is accrued. On Dec 31, a part of revenue is recognised as calculated above.
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