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On January 1, 2012, Office Manor's Unearned Revenue account had a balance of $3,800. During the year, the company received $22,300 for services to be performed in the future. After adjusting entries were made, the balance in Unearned Revenue on December 31, 2012 was $2,900. Accounts Receivable at the beginning of the year were $3,200. Billings for services performed on account were $31,200 during the year. After adjusting entries were made, the balance in Accounts Receivable on December 31, 2012 was $1,000. No services were performed with immediate cash collection. What is the total Service Revenue?
ANSWER: $56600 the entry is going to be New Hampshire >>Unearned Revenue Unearned Revenue >>Revenue There was 3800 unearned revenue to begin with... plus the 22300 for the period. = 26100 unearned revenue The ending unearned revenue balance was 2900... meaning $23200 ($26100-2900) of unearned revenue was earned and will be counted as Service Revenue. Now you need to account for the normal service rendered in the period. We calculate it the same way: Beginning+Current-Ending $3200+31200-1000 = $33400 Total Service Revenue = $23200 + 33400 = $56600