Chapter 1 Problem 1-39
1. Cash 980,000
Unearned service contract revenue 980,000
Service contract expense 520,000
Cash 520,000
Unearned service contract revenue 860,000
Service contract revenue 860,000
2. Unearned revenue – January 1 600,000
Cash receipts from contracts sold 980,000
Total 1,580,000
Less: Service revenue recognized 860,000
Unearned revenue – December 31 720,000
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