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QUESTION 7 CHART OF ACCOUNTS 401 Service Revenue 101 Cash 211 Notes Payable 212 Accounts Payable 491 Interest Revenue 111 Not
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Answer #1
Date Account number Debit Credit
Xxx 101 12000
401 12000

ExplanationCash received as service revenue, cash account is an asset account it is debited when it increases. Service revenue is a income account it is to be credited when it increases.

Adjusting entry is

Service revenue

To unearned revenue

By debiting service revenue we are reducing the income initially recorded balance is 12000-8000=4000

Crediting unearned revenue we are recording a liability of 4000

4000 is to be adjusted as we have received 12000 as advance 8000 earne at the end of the period so after giving the adjusting entry amouns will be

Cash 12000, Service revenue 8000, unearned revenue 4000

Date Account number Debit Credit
Xxxx 401 4000
261 4000
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