on october 1, the company receives 14,400 from a customer for a one - year property...
on october 1, the company receives 14,400 from a customer for a one - year property insurance policy. Deferred Revenue is credited. Record the adjusting entry for deferred revenue at it's year - end of December 31.
Homework Answers
The entry would be
| Date | Account | Debit | Credit |
|---|---|---|---|
| Dec 31 | Deferred revenue | 3,600 | |
| Service Revenue | 3,600 | ||
| (14,400/12)*3 months |
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on october 1, the company receives 14,400 from a
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