Reference no: EM132993568
On December 1, 2021, a customer paid Hillsdale Inc, $3,300 cash for 4 months of maintenance services. Services started on December 1, 2021. The company recorded the following entry on December 1, 2021; Dr. Cash, Cr, service revenue for $3,300
The company has a December 31 year-end and they use the expedited (also called the income statement method) to record adjusting entries. Adjusting entries are recorded annually.
Problem 1: Which of the following entries would the company make at year-end?
Option 1: Dr. Deferred revenue, Cr, cash
Option 2: Dr. service revenue, Cr. cash
Option 3: Dr. Deferred revenue, Cr service revenue
Option 4: Dr service revenue, Cr deferred revenue
Option 5: No entry is required at year-end
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