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What is the balance in the Unearned Revenue account

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Reference no: EM132792331

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Q1) (a) Suppose company had received a $1,800 shipment of supplies in October 2018. When counting the supplies on December 31, 2018, (SBAD) found only $500 worth of supplies on hand.

(b) Suppose (SBAD) had paid $12,000 for six months' rent on September 1, 2018.

(c) Suppose (SBAD) had paid $6,000 for one year's insurance on December 1, 2018.

(d) The (SBAD) company borrowed $12,000 from a local bank with 10% annual interest rate on August 1, 2018. Principal and interest will be paid on July, 31, 2019.

(e) The (SBAD) company calculated its income taxes as $40,000 for the year ended December 31, 2018.

SAMPLE ENTRY FORMAT

Salaries Expense 300

Salaries Payable 300

Q2. Explain "ACCRUAL BASIS" and "CASH BASIS" briefly with your own word by giving. If a company prepares an I/S according to these two approaches of profit/loss?

Q3. Capital, a business magazine, collected $480,000 in subscription revenue on May 31. Capital earns a minimum of $351,000 from the buyers who are not the subscribers. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting. What is the balance in the Unearned Revenue account on December 31?

Reference no: EM132792331

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