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AccountingAccounting (Text Only)26th Edition

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Chapter 3, Problem 3.5BPE
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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 3.1APE
Problem 3.1BPE
Problem 3.2APE
Problem 3.2BPE
Problem 3.3APE
Problem 3.3BPE
Problem 3.4APE
Problem 3.4BPE
Problem 3.5APE
Problem 3.5BPE
Problem 3.6APE
Problem 3.6BPE
Problem 3.7APE
Problem 3.7BPE
Problem 3.8APE
Problem 3.8BPE
Problem 3.9APE
Problem 3.9BPE
Problem 3.10APE
Problem 3.10BPE
Problem 3.1EX
Problem 3.2EX
Problem 3.3EX
Problem 3.4EX
Problem 3.5EX
Problem 3.6EX
Problem 3.7EX
Problem 3.8EX
Problem 3.9EX
Problem 3.10EX
Problem 3.11EX
Problem 3.12EX
Problem 3.13EX
Problem 3.14EX
Problem 3.15EX
Problem 3.16EX
Problem 3.17EX
Problem 3.18EX
Problem 3.19EX
Problem 3.20EX
Problem 3.21EX
Problem 3.22EX
Problem 3.23EX
Problem 3.24EX
Problem 3.25EX
Problem 3.26EX
Problem 3.27EX
Problem 3.28EX
Problem 3.29EX
Problem 3.1APR
Problem 3.2APR
Problem 3.3APR
Problem 3.4APR
Problem 3.5APR
Problem 3.6APR
Problem 3.1BPR
Problem 3.2BPR
Problem 3.3BPR
Problem 3.4BPR
Problem 3.5BPR
Problem 3.6BPR
Problem 1COP
Problem 3.1CP
Problem 3.2CP
Problem 3.3CP
BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
32 views

Adjustment for unearned revenue

The balance in the unearned fees account, before adjustment at the end of the year, is $272,500. Journalize the adjusting entry (include an explanation) required if the amount of unearned fees at the end of the year is $189,750.

To determine

Accrued Revenue:

As per the accrual concept of accounting all expenses and revenue of the business should be recorded in the period of their occurrence irrespective of the involvement of cash. Accrued Revenue is the revenue of the business which has been earned but not yet received at the end of accounting period. It is treated as an asset (receivable) for the business.

Adjusting Entries

Adjusting entries indicates those entries, which are passed in the books of accounts at the end of one accounting period. These entries are passed in the books of accounts as per the revenue recognition principle and the expenses recognition principle to adjust the revenue, and the expenses of a business in the period of their occurrence.

Rule of Debit and Credit:

Debit - Increase in all assets, expenses & dividends, and decrease in all liabilities and stockholders’ equity.

Credit - Increase in all liabilities and stockholders’ equity, and decrease in all assets & expenses.

To record: The given transaction as the adjustment entry for accrued revenues.

Explanation
  • Accounts Receivable is an asset, and it is increased by $17,555. So, debit Accounts receivable by $17,555...

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Ch-3 P-1DQCh-3 P-2DQCh-3 P-3DQCh-3 P-4DQCh-3 P-5DQCh-3 P-6DQCh-3 P-7DQCh-3 P-8DQCh-3 P-9DQCh-3 P-10DQ
Ch-3 P-3.1APECh-3 P-3.1BPECh-3 P-3.2APECh-3 P-3.2BPECh-3 P-3.3APECh-3 P-3.3BPECh-3 P-3.4APECh-3 P-3.4BPECh-3 P-3.5APECh-3 P-3.5BPECh-3 P-3.6APECh-3 P-3.6BPECh-3 P-3.7APECh-3 P-3.7BPECh-3 P-3.8APECh-3 P-3.8BPECh-3 P-3.9APECh-3 P-3.9BPECh-3 P-3.10APECh-3 P-3.10BPECh-3 P-3.1EXCh-3 P-3.2EXCh-3 P-3.3EXCh-3 P-3.4EXCh-3 P-3.5EXCh-3 P-3.6EXCh-3 P-3.7EXCh-3 P-3.8EXCh-3 P-3.9EXCh-3 P-3.10EXCh-3 P-3.11EXCh-3 P-3.12EXCh-3 P-3.13EXCh-3 P-3.14EXCh-3 P-3.15EXCh-3 P-3.16EXCh-3 P-3.17EXCh-3 P-3.18EXCh-3 P-3.19EXCh-3 P-3.20EXCh-3 P-3.21EXCh-3 P-3.22EXCh-3 P-3.23EXCh-3 P-3.24EXCh-3 P-3.25EXCh-3 P-3.26EXCh-3 P-3.27EXCh-3 P-3.28EXCh-3 P-3.29EXCh-3 P-3.1APRCh-3 P-3.2APRCh-3 P-3.3APRCh-3 P-3.4APRCh-3 P-3.5APRCh-3 P-3.6APRCh-3 P-3.1BPRCh-3 P-3.2BPRCh-3 P-3.3BPRCh-3 P-3.4BPRCh-3 P-3.5BPRCh-3 P-3.6BPRCh-3 P-1COPCh-3 P-3.1CPCh-3 P-3.2CPCh-3 P-3.3CP

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