menu
bartleby
search
close search
Hit Return to see all results

Melrose Milk Delivery provides weekly gourmet milk delivery to the residents of Nicetown. Melrose charges each customer $45 per week for its milk delivery, and it received advance payments for 2,000 weeks of milk delivery services in 2013. At December 31, 2013, two-thirds of the advance payments had been earned.Required:After the adjustments are recorded and posted at December 31, 2013, calculate what the balances will be in the Unearned Revenue and Revenue accounts.Unearned revenue$Revenue$

Question

Melrose Milk Delivery provides weekly gourmet milk delivery to the residents of Nicetown. Melrose charges each customer $45 per week for its milk delivery, and it received advance payments for 2,000 weeks of milk delivery services in 2013. At December 31, 2013, two-thirds of the advance payments had been earned.

Required:

After the adjustments are recorded and posted at December 31, 2013, calculate what the balances will be in the Unearned Revenue and Revenue accounts.

Unearned revenue $
Revenue $
 

 

check_circleAnswer
Step 1

When money is received in advance from the customer for the services to be provided in the future, unearned revenue account is credited with the amount received from the customer.

Unearned revenue is a liability account, it indicates liability on the part of the company ...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Our solutions are written by experts, many with advanced degrees, and available 24/7

See Solution
Tagged in

Business

Accounting

Book Keeping

Related Accounting Q&A

Find answers to questions asked by student like you

Show more Q&A add
question_answer

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item availabl...

A: Periodic inventory system:The method or system of recording the transactions related to inventory oc...

question_answer

Q: Ch 22 Homework Hide or show questions                     eBook Show Me How Calculator C...

A: Attached table is the monthly cash budget for period of may , June & July- 

question_answer

Q: 10. Samsung borrows $15,000 from Apple on July 1st, 2018. Samsung repays the amount borrowed and pay...

A: Journal entry on July 1st, 2018:

question_answer

Q: Required information [The following information applies to the questions displayed below.] Kaylee Ja...

A: Unadjusted income statement at the end of first month of operation is as follows:

question_answer

Q: P4-7A. Preparing the Statement of Stockholders' Equity Presented below is financial data for Jason& ...

A: Statement of stockholders’ equity: The statement which reports the changes in stock, paid-in capital...

question_answer

Q: Unexpired insurance is $1,000 , how do I put that into adjustments and adjusted trial balance ?

A: Unexpired insurance is a current asset (prepaid assets). When it is expired the following entry will...

question_answer

Q: Petty Cash Fund Kingery Inc. maintains a balance of $3,000 in its petty cash fund for routine purcha...

A: Petty cash: Petty cash is also called an imprest cash account. The accountant or cashier of an organ...

question_answer

Q: im struggling with the my adjusted trial balance

A: Adjusted Trial balance is as follows:

question_answer

Q: During March, Anderson Company engaged in the following transactions involving its petty cash fund: ...

A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, of...

Sorry about that. What wasn’t helpful?