Recording receipt of the payment for the contract, Accounting Basics

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Recording receipt of the payment for the contract

Unearned Revenue: Original Entry

Response to the following problem:

The company provides security services to its clients. On April 1, the company received $270,000 cash for a three-year security contract. The contract went into effect on April 1.

Make the journal entry necessary on the company's books to record the receipt of the payment for the contract on April 1.

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Accounting Basics: Recording receipt of the payment for the contract

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Accounting Basics: Recording receipt of the payment for the contract

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