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28 May, 13:04

Record the January 31, 2019 adjusting entry for the December 31, 2018 receipt of $3,000 from race participants for providing services for three races. One race is held on January 31, 2019 and the other two will be held in March 2019.

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  1. 28 May, 13:43
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    Debit Unearned revenue $1,000

    Credit Service revenue $1,000

    Explanation:

    When cash is received in advance for service yet to be provided, an asset and a corresponding liabilities are created.

    The liability is then reduced as the revenue for which cash was collected in advance is earned.

    Given that the December 31, 2018 receipt of $3,000 from race participants for providing services for three races. One race is held on January 31, 2019 and the other two will be held in March 2019.

    Revenue from one race = 1/3 * $3,000

    = $1,000

    Since One race is held on January 31, 2019, entries required

    Debit Unearned revenue $1,000

    Credit Service revenue $1,000

    Being entries top recognize revenue earned from the race held on January 31, 2019.
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