Tao Co. receives $10,000 cash in advance for 4 months of legal services on October 1, 2013, and records it by debiting Cash and crediting Unearned Revenue both for $10,000. It is now December 31, 2013, and Tao has provided legal services as planned. What adjusting entry should Tao make to account for the work performed from October 1 through December 31, 2013? |
Adjusting journal
Date |
Particulars |
P.ref. |
Debit |
Credit |
31/12/13 |
Unearned revenue |
$7,500 |
||
Service revenue |
$7,500 |
|||
To record 3 month |
Tao Co. receives $10,000 cash in advance for 4 months of legal services on October 1,...
a. Tao Co. receives $11,800 cash in advance for four months of legal services on October 1, 2017, and records it by debiting Cash and crediting Unearned Revenue both for $11,800. It is now December 31, 2017, and Tao has provided legal services as planned. What adjusting entry should Tao make to account for the work performed from October 1 through December 31, 2017? Unearned revenue Step 1: Determine what the current account balance equals. 4 Step 2: Determine what...
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Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal Step 3. Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year. a. Tao Co. receives $10,000 cash in advance for four months of evenly planned legal services beginning on October 1. Tao records it by debiting Cash and crediting Unearned Revenue both for $10,000. It is...
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For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Tao Co. receives $10,100 cash in advance for four months of evenly planned legal services...
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For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31, Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1to step 2. Assume no other adjusting entries are made during the year. a. Tao Co. receives $10,200 cash in advance for four months of evenly planned legal services beginning...
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For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year. Tao Co. receives $11,200 cash in advance for four months of evenly planned legal services beginning...