Info
Warning
Danger
/ Homework Answers / Finance / Your calendar year company, which the accrual basis, receives a

Question : Your calendar year company, which the accrual basis, receives a

Your calendar year company, which is on the accrual basis, receives a 10% commission on sales. When JenCo signs up it pays you $5,000 in advance, which you credit to Unearned Revenue. If, at the year end, your firm has achieved $20,000, what adjusting entry do you record

Revenue 2,000 Unearned Revenue 2,000

Cash 2,000 Revenue 2,000

Unearned Revenue 2,000 Revenue 2,000

Unearned Revenue 500 Revenue 500

Solution
5 (1 Ratings )

Solved
Finance 9 Months Ago 34 Views
This Question has Been Answered!
Premium Content -

Unlimited Access

Explore More than 2 Million+
  • Textbook Solutions
  • Flashcards
  • Homework Answers
  • Documents
Signup for Better Grades!

Ask an Expert

Our Experts can answer your tough homework and study questions
218863 Finance Questions Answered!
Post a Question