H&R Wholesalers is a retailer providing low-cost, bulk items to small companies. Companies must pay an annual membership fee of $225 to access H&R's warehouses. H&R received yearly membership fees from 384 companies on August 1, 2018. Required: At December 31, 2018, calculate the remaining amount of Unearned Revenue and the account balance of the Revenue account. Assume this is their first year of business. Unearned revenue $ Revenue $

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Chapter8: Current And Contingent Liabilities
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Problem 69E: Unearned Revenue Jennifers Landscaping Services signed a $400-per-month contract on November 1,...
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H&R Wholesalers is a retailer providing low-cost, bulk items to small companies. Companies must pay an annual membership fee of $225 to access H&R's warehouses. H&R received yearly membership fees from 384 companies on August 1, 2018.

Required:

At December 31, 2018, calculate the remaining amount of Unearned Revenue and the account balance of the Revenue account. Assume this is their first year of business.

Unearned revenue $
Revenue $

 

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