Your customers are paying you $700,000 for work that you will do at some later date....
Your customers are paying you $700,000 for work that you will do at some later date.
Record these activities into the journal entry format. Put Dec, 31, 2021 as the date
Homework Answers
| Date | General Journal | Debit | Credit |
| Dec, 31, 2021 | Cash | $ 7,00,000.00 | |
| Unearned revenue | $ 7,00,000.00 | ||
| (Advance received from customer) | |||
Unearned revenue is account used for advances from customers. Its a current liability for business.
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Your customers are paying you $700,000 for work that you will do
at some later date....
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THANK YOU!
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