ACC201 Spring2018 Midterm Exam Problem #3-Events for July are below. (40 Points)

Question

ACC201 Spring2018 Midterm Exam Problem #3-Events for July are below. (40 Points) Julyl Received $2,000 cash in advance of performing work for Michael Dorner. 6 Received $8,400 cash in advance of performing work for Eric Grube. 18 Received $7,500 cash in advance of performing work for Nancy Harrower. 27 Completed 50% ofthe job for Grube. 13 Received s7,.00 casi in advance of perfoming work for Nancy lamowes 31 At the end of the month, none of the work for Harrower has been performed. Write out journal entries for the July events. I want your journal entries to be in good fom using left/right positioning.

Explanation / Answer

JOURNAL ENTRIES DATE ACCOUNTS TITLE DEBIT $ CREDIT $ 1-Jul Cash Account Dr. 2000      Unearned revenue 2000 (for advance received for services to be performed) 6-Jul Cash Account Dr. 8400      Unearned revenue 8400 (for advance received for services to be performed) 12-Jul Unearned revenue 2000    Service revenue 2000 (for revenue recognized on work completed) 18-Jul Cash Account Dr. 7500      Unearned revenue 7500 (for advance received for services to be performed) 27-Jul Unearned revenue 4200    Service revenue 4200 (for revenue recognized on work completed) 31-Jul No entry

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