Cash and crediting unearned revenue, Accounting Basics

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Cash and crediting unearned revenue

Eager Co. receives $20,000 cash in advance for 4 months of legal services on October 1, 2011, and records it by debiting Cash and crediting Unearned Revenue both for $20,000. It is now December 31, 2011, and Eager has provided legal services as planned. What adjusting entry should Eager make to account for the work performed from October 1 through December 31, 2011?

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Accounting Basics: Cash and crediting unearned revenue

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Accounting Basics: Cash and crediting unearned revenue

Reference No:- TGS065333

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : What amount should be debited to the equipment account

Q : Recognition of a loss on impairment

Q : What is maximum amount worth to shareholders

Q : Explain so much advertising in monopolistic competition

Q : Cash and crediting unearned revenue

Q : What is the effect on earnings in 2013

Q : Find by how much has national income changed

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Cash and crediting unearned revenue

Reference No:- TGS065333

Recent Questions Asked Accounting Basics

Q : What amount should be debited to the equipment account

Q : Recognition of a loss on impairment

Q : What is maximum amount worth to shareholders

Q : Explain so much advertising in monopolistic competition

Q : Cash and crediting unearned revenue

Q : What is the effect on earnings in 2013

Q : Find by how much has national income changed

Q : Problem on pricing and output decisions

Q : Acres of land for a lump-sum price

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