Business, 18.06.2020 07:57, ajbrock1004

Unearned (deferred) revenues adjustments LO P2 Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug Company collected $10,800 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $115 per insect treatment. A customer paid $460 on October 1 in advance for four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the company has applied three treatments for the customer. c. Unearned Rent Revenue. On September 1, a client paid the company $33,600 cash for six months of rent in advance (the client leased a building and took occupancy immediately). The company recorded the cash as Unearned Rent Revenue. The Krug Company collected $10,800 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in adyance and occupancy began November 1. Note: Enter debits before credits. The company charges $115 per insect treatment. A customer paid $460 on October 1 in advance for four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the company has applied three treatments for the customer. On September 1, a client paid the company $33,600 cash for six months of rent in advance (the client leased a building and took occupancy Immediately). The company recorded the cash as Unearned Rent Revenue.

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Unearned (deferred) revenues adjustments LO P2 Record adjusting journal entries for each of the foll...