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zavuch27 [327]
3 years ago
9

a. Business receives $3,000 on January 1 for 10-month service contract for the period January 1 through October 31. (When the ca

sh was received on January 1 assume that a liability account was credited. Assume services are performed evenly each month throughout the term of the contract.)​
Business
1 answer:
stiks02 [169]3 years ago
7 0

<u>Solution:</u>

Deffered revenue means when an organization receives the payment prior to the goods delivered to conusmer. In the given case, business receives $3000 on 1, January for ten month service (From january to October).

<u>The revenue per month needs to be calculated:</u>

Revenue per month = Revenue for ten months divided by Total number of months

By putting the figures we get,

Revenue per month = $3000 divided by 10 = $300 per month

An adjusting entry needs to be passed:        

Date             Particulars                                debit                  credit  

31st jan        Unearned Revenue                 $300

                       Service Revenue                                              $300

( Service revenue that has been collected in advance)                      

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