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25 March, 23:19

The Unearned Revenue account of College Incorporated began 2018 with a normal balance of $7,000 and ended 2018 with a normal balance of $12,000. During 2018, the Unearned Revenue account was credited for $29,000 that College will earn later. Based on these facts, how much revenue did College earn in 2018?

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  1. 26 March, 00:53
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    College earned revenue of $24,000 during 2018

    Explanation:

    Given:

    Opening balance of unearned revenue account = $7,000

    Unearned revenue credited to college = $29,000

    Closing balance = $12,000

    Revenue earned by college during the year = Opening balance + unearned revenue during the year - closing balance

    = 7,000 + 29,000 - 12,000

    =$24,000

    College earned revenue of $24,000 in 2018.
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