1. Journal Entries in the books of Pharoah Company
Date | Account Titles and Explanation | Debit | Credit |
01-Jul | Cash Dr | $13,500 | |
To Unearned Service revenue | $13,500 | ||
(To record cash received in advance for services) | |||
31-Dec | Unearned Service revenue Dr ($13,500*6/12) | $6,750 | |
To Service Revenue | $6,750 | ||
(To record adjusting entry) |
2. Posting Entries in the books of Pharoah Company
2. a) Unearned service Revenue
Particulars | Debit | Particulars | Credit |
31-Dec | $6,750 | 01-Jul | $13,500 |
End. Bal. | $6,750 |
2. b)Service Revenue
Particulars | Debit | Particulars | Credit |
31-Dec | $6,750 |
On July 1, 2022, Wildhorse Co. pays $13,500 to Pharoah Company for a 1-year insurance contract....
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