farl File Edit View History BookmarkswWindow Help ezto.mheducation.com Dashboard
ID: 2510917 • Letter: F
Question
farl File Edit View History BookmarkswWindow Help ezto.mheducation.com Dashboard- Costanza Company experienced the following events and transactions during July July 1 Recelved $3,000 cash in advance of performing work for Vivian Solana. 6 Recelved $7,500 cash in advance of performing work for Iris Haru. 12 Completed the job for Solana 18 Receilved $8,500 cash in advance of performing work for Amina Jordan. 27 Completed the job for Haru. 31 None of the work for Jordan has been performed 15.00 points a. Prepare journal entries (including any adjusting entries as of the end of the month) to record these events using the procedure of initially crediting the Uneaned Fees account whert payment is rece from a customer in advance of performing services. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 6 Received $3,000 cash in advance of performing work for Vivian Solana Note: Enter debits before credits Date General Journal Debit Credit July 01Explanation / Answer
Answer
Date
General Journal
Debit
Credit
Jul-01
Cash
3000
Unearned Fees
$ 3,000.00
(fees received but service not performed)
Jul-06
Cash
$ 7,500.00
Unearned Fees
$ 7,500.00
(fees received but service not performed)
Jul-12
Unearned Fees
$ 3,000.00
Fees earned
$ 3,000.00
(service now performed)
Jul-18
Cash
$ 8,500.00
Unearned Fees
$ 8,500.00
(fees received but service not performed)
Jul-27
Unearned Fees
$ 7,500.00
Fees earned
$ 7,500.00
(service now performed)
Jul-31
No Entry
Date
General Journal
Debit
Credit
Jul-01
Cash
3000
Unearned Fees
$ 3,000.00
(fees received but service not performed)
Jul-06
Cash
$ 7,500.00
Unearned Fees
$ 7,500.00
(fees received but service not performed)
Jul-12
Unearned Fees
$ 3,000.00
Fees earned
$ 3,000.00
(service now performed)
Jul-18
Cash
$ 8,500.00
Unearned Fees
$ 8,500.00
(fees received but service not performed)
Jul-27
Unearned Fees
$ 7,500.00
Fees earned
$ 7,500.00
(service now performed)
Jul-31
No Entry
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