Homework Answers
Cash received for
180 one time plans for current year = 180 x $180 = $32400
100 discounted one time plans= 100 x $180 x 95% = $17100
280 three year plan = 280 x $600 = $168000
Total collection = $217500
Since 180 one time plans is for current year, it will be recorded as service revenue, others will be recorded as unearned revenue initially and adjustment entry will be recorded at year end for any service provided related to that
Journal entry
| Account titles | Debit | Credit |
| Cash | $217500 | |
| Service revenue | $32400 | |
| Unearned service revenue | $185100 | |
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