At December 31, the unadjusted trial balance of R&M Entertainment reports Unearned Revenue of $4,588 and Service Revenues of $31,039. 65% of the unearned revenue has been earned as of December 31. When R&M prepares the adjusting entry on December 31, what is the amount that will be reported as a liability on the balance sheet as of December 31? $_____

At December 31, the unadjusted trial balance of R&M Entertainment reports Unearned Revenue of $4,588 and Service Revenues of $31,039. 65% of the unearned revenue has been earned as of December 31. When R&M prepares the adjusting entry on December 31, what is the amount that will be reported as a liability on the balance sheet as of December 31? $_____

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter3: The Adjusting Process

Section: Chapter Questions

Problem 5BE: Adjustment for unearned revenue On June 1, 20Y2, Herbal Co. received 18,900 for the rent of land for...

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