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lisov135 [29]
3 years ago
5

On August 1 of Year 1 Accounting Associates (AA) collected $1,200 cash for consulting services to be provided for one year begin

ning immediately. Based on this information, which of the following show how the required adjustment on December 31, Year 1 would affect AA’s ledger accounts?a). Revenue $500 Unearned revenue $500 b) Revenue $700 Unearned revenue $700 c) Unearned Revenue $500 Revenue $500 d) Unearned revenue $700 Revenue $700
Business
1 answer:
igor_vitrenko [27]3 years ago
6 0

Answer:

c) Unearned Revenue $ 500, Revenue $ 500

Explanation:

When the cash was received on August 01, no accounting services were provided so the  entry would have been:

Cash Debit                                 $ 1,200

Unearned revenue Credit                          $  1,200

Unearned Revenue is a liability account

On December 31, a recognition needs to be made for the services revenue earned and hence the amount for 5 months amounting is debited to  unearned revenue and revenue credited with $ 500.  

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