1 answer

C. Sentry operates several buses that provide transportation for the clients of a social service agency...

Question:

c. Sentry operates several buses that provide transportation for the clients of a social service agency in Atlanta. Sentry bi
GENERAL JOURNAL . REF. DEBIT ASSETS 3,080.00 3,080.00 Adjusting Entries Dec. 31 Unearned Service Revenue Service Revenue . D
c. Sentry operates several buses that provide transportation for the clients of a social service agency in Atlanta. Sentry bills the agency quarterly at the end of January, April, July, and October for the service performed that quarter. The contract price is $7,200 per quarter. Sentry follows the practice of recognizing revenue from this contract in the period in which the service is performed.
GENERAL JOURNAL . REF. DEBIT ASSETS 3,080.00 3,080.00 Adjusting Entries Dec. 31' Unearned Service Revenue Service Revenue . Dec. 31' Unearned Service Revenue Service Revenue Dec. 31' Accounts Receivable Service Revenue 125,160.00 125,160.00 28,800.00 28,800.00

Answers

Date Account Debit Credit
Dec 31 Accounts Receivable 4800
Service Revenue 4800

(7200*2/3)

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