Homework Answers
Option c is the right answer - Increase total assets and cash but not next profit.
Explanation:
Generally, a company records its revenue only when delivery of the product occurs. It is at the point of delivery that the company would discharge its obligations to a customer by delivering the product it had promised to deliver in exchange for monies or monies worth. Thus, what we have here is unearned revenue: Dr Cash 500,000 – record the deposit Cr Unearned Revenue 500,000 – the product hasn’t been delivered yet; therefore, the revenue has not be earned. Unearned revenue is a liability account because it reflects the fact that the company still has a present obligation to deliver the product it promised to deliver to the customer. Thus, total assets increase because cash increases but net profit remains unchanged – c.
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