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10.1 Certain Current Liabilities Your Answer Correct Answer X Your answer is incorrect. Rooms for Less is a bed and breakfast situated on Great Slave Lake, that closes each year on September 10. For the last two weeks of operation, they had taken 55 reservations. For each reservation, they collected a deposit of $100. For the period from August 26 to August 31, 25 guests stayed at the B&B and paid a total of $8,350. What is the amount of unearned revenue Rooms for Less would have on September 1? $5,500 $3,000 $8,350 $5,350 Solution Of the 55 reservations, 25 guests stayed in August. So the other 30 deposits are unearned revenue as of August 31. (55-25)x$100 = $3,000
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