3. Accrual Accounting Concepts
Adjusting Entries: Unearned Revenue
3. Accrual Accounting Concepts
Adjusting Entries: Unearned Revenue
05:51
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- 객관식
In May, the Party Company received \$4,000 as a deposit for a party that was occurring in November. In October, the Party Company received a \$5,000 deposit for a party occurring in February of the following year. The company recorded both of these payments into the Unearned Revenue account and did not adjust the account after recording the payments. The adjusting entry at December 31 would include:
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