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Question: Understanding the alternative treatment of unearned revenues At the beginning of the year, Dapper Advertising owed customers $2,400 for unearned revenue collected in advance. During the year, Dapper received advance cash receipts of $7,500 and earned $15,000 of service revenue (exclusive of any amount earned from advance payments). At year-end, the liability for unearned revenue is $2,600 and unadjusted service revenue is $15,000. Requirements
1. Record the adjusting entry assuming that Dapper records the cash receipt of unearned revenue by initially crediting a liability account. Post the adjusting entry to the Unearned Revenue and Service Revenue T-accounts. Make sure to include the beginning balance and additional unearned revenue in the Unearned Revenue T-account.
2. Record the adjusting entry assuming that Dapper records the cash receipt of unearned revenue by initially crediting a revenue account. Post the adjusting entry to the Unearned Revenue and Service Revenue T-accounts. Make sure to include the beginning balance in the Unearned Revenue T-account and the additional unearned revenue in the Service Revenue T-account.
3. Compare the ending balances of the T-accounts under both approaches. Are they the same?
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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