Spafford Services, Inc. provides services to clients. On May 1, a client prepaid Spafford Services $78,000...
Spafford Services, Inc. provides services to clients. On May 1, a client prepaid Spafford Services $78,000 for 6-months services in advance. Spafford Services' general journal entry to record this transaction will include a:
Multiple Choice
Debit to Management Fees Earned for $78,000.
Credit to Management Fees Earned for $78,000.
Debit to Unearned Management Fees for $78,000.
Credit to Unearned Management Fees for $78,000.
Credit to Cash for $78,000.
Homework Answers
Answer:
- The correct answer is Credit to Unearned Management Fees for $78,000.
The journal entry for given transaction is:
| Particulars | Debit | Credit |
| Cash a/c Dr | $ 78,000 | |
| To Unearned Management Fees A/c | $ 78,000 |
Therefore, the option is Credit to Unearned Management Fees for $78,000.
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