It gave me the answer after getting it incorrectly but not the calculations to do a similar problem in the future correctly. Can someone help me please ? Accounting EquationI Accounting JournalIAccounting LedgerAccounting Equationd. - On November 15, 2010, Ripped agreed to give twelve seminars on proper liftingtechniques and was paid $24,000 in advance. Tommy Giovanni personallyconducted the lessons once a week, and by December 31 had given sevenseminars.AssetsLiabilities+EquityUnearned Revenue-14,000Services Revenue+14,000Show me how to do this step:$14,000 moves from Unearned Revenue to Services Revenue in order to showexactly what part of the work was completed during the last accounting period.Ask a QuestionAnalyzing the EventWhat is the purpose of adjusting entries?What did this do to the business' assets?Did this transaction cause liabilities or equity to change?How did you get $14,000 as the amount to adjust?How do I check if this transaction kept the accounting equation in balance?Is this an adjustment for accrued revenue or deferred revenue?Potential MisconceptionsO Does recording an expense always mean assets are reduced?O Copyright Ouanlum Adaptivo Learning, LLC All rights reserved.Quantum Intelligent Tutoring Engines. Quantum Tutors. Quantum Assessment Advisors and Quantumcontain patented and patent-pending technologies and are registorod trademarks of Quantun AdaptiveAcknowledgments

The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Accounting Equation d. -On November 15, 2010, Ripped agreed to give twelve seminars on proper lifting techniques and was paid $24,000 in advance. Tommy Glovanni personally conducted the lessons once a week, and by December 31 had given seven seminars. Assets Liabilities Equity Unearned Revenue -14,000 Services Revenue +14,000 Show me how to do this step: $14,000 moves from Unearned Revenue to Services Revenue in order to show exactly what part of the work was completed during the last accounting period.

Accounting Equation d. -On November 15, 2010, Ripped agreed to give twelve seminars on proper lifting techniques and was paid $24,000 in advance. Tommy Glovanni personally conducted the lessons once a week, and by December 31 had given seven seminars. Assets Liabilities Equity Unearned Revenue -14,000 Services Revenue +14,000 Show me how to do this step: $14,000 moves from Unearned Revenue to Services Revenue in order to show exactly what part of the work was completed during the last accounting period.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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