Service Revenue
Softball Magazine Company received advance payments of $75,000 from customers during
2019. At December 31, 2019, $20,000 of the advance payments still had not been earned.
Required:
After the adjustments are recorded and posted at December 31, 2019, calculate what the balances will be in the Unearned Magazine Revenue and Magazine Revenue accounts.
Use the following information for Cornerstone Exercises 5-23 and 5-24:
Bolton sold a customer service contract with a price of S37 000 to Sammy’s Wholesale Company. Bolton offered terms of 1/10, n/30 and expects Sammy to pay within the discount period.
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