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(20 pts) On November 27, 2018, Metro Delivery Service Company signs a contract w

ID: 2407259 • Letter: #

Question

(20 pts) On November 27, 2018, Metro Delivery Service Company signs a contract with Brooklyn Financial Services Company. Metro Delivery Service will provide 3 months of local delivery services for $5,000 per month. Brooklyn pays $15,000 cash to Metro on November 27, 2018. Delivery services will begin on December 1, 2018. Complete the following requirements for Metro Delivery Services. Prepare the journal entries for November 27, 2018 and December 31, 2018 (the end of Metro's fiscal year) Answer 6. Debit Credit Date Accounts

Explanation / Answer

Nov-27-18 Cash 15000       Unearned service revenue 15000 Dec-31-18 Unearned service revenue 5000      Service revenue 5000

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