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lys-0071 [83]
3 years ago
10

A company is in its first month of operations. On January 15, the company receives $600 from customers who will receive 10 voice

lessons ($60 per lesson). As of January 31, the company has provided 8 voice lessons. What adjusting entry would be made at the end of January?
Business
1 answer:
Yuri [45]3 years ago
8 0

Explanation:

The adjusting journal entries are shown below:

On January 15

1. Cash A/c Dr $600                ($60 × 10 voice lessons)

    To Unearned revenue A/c $600

(Being the cash is received)

On January 31

2. Unearned revenue A/c Dr $480     ($60 × 8 voice lessons)

                  To Service revenue A/c  $480

(Being the unearned revenue is recorded)

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Working

PV= (1+i)^-n

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