At December 31, the unadjusted trial balance of H&R Tacks reports Deferred Reven

Question

At December 31, the unadjusted trial balance of H&R Tacks reports Deferred Revenue of $4,400 and Service Revenues of $33,200 Obligations for one-half of the deferred revenue have been fulfilled as of December 31. Required: 1. Prepare the adjusting journal entry on December 31 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjuste balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the adjusting journal entry on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry on December 31. Note: Enter debits before credits

Explanation / Answer

Adjusting entry :

T Account

T Account

Date account and expalantion debit credit Dec 31 Deferred revenue (4400/2) 2200 Service revenue 2200 (To record service revenue)

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