3) On June 20, 2013, Parker Services received $2,400 in advance from a customer

Question

3) On June 20, 2013, Parker Services received $2,400 in advance from a customer for one month's service. The journal entry to adjust the accounts at the end of June would be which of the following? 2 Points Debit Service revenue $1,600 and credit Unearned service revenue $1,600 Debit Unearned service revenue $800 and credit Service revenue $800. Debit Unearned service revenue $2,400 and credit Service revenue $2,400. O Debit Service revenue $800 and credit Accounts Debit Service revenue $800 and credit Accounts receivable $800.

Explanation / Answer

As per Chegg guidelines we answer one question per post but I have answered many question Q3 Debit Unearned service revenue 800 and credit service revenue 800 Journal Entries Particulars Dr Amt Cr Amt Entry at time of receipt of revenue Cash A/C Dr                      2,400.00 To Unearned Service Revenue              2,400.00 From June 20 to June 30 there are 10 days revenue earned Unearned Service Revenue                         800.00 To Service Revenue                 800.00 (2400*10/30) Q4 since there is remote possible a disclosure would be sufficient Thus situation should be described in note to Financial statement

Related Questions

Navigate

• Browse (All)
• Browse 3
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.