For each separate case, record an adjusting entry of necessary). a. Lonzo Company receives $6,000 cash in advance for six months of recycling services on September 1 and records by debiting Cash and crediting Unearned Revenue for $6,000. Lonzo provides recycling services monthly as promised. Prepare the December 31 year-end adjusting entry that Lonzo records for the work performed from September 1 through December 31 b. On October 20, Milwaukee Bucks sold a 10 game ticket package for $400 and recorded Uneamed Revenue. By December 31.41 of the 10 games had been played. Record the December 31 year-end adjusting entry that the Bucks record for the 40% of revenue earned on the $400 ticket package

For each separate case, record an adjusting entry of necessary). a. Lonzo Company receives $6,000 cash in advance for six months of recycling services on September 1 and records by debiting Cash and crediting Unearned Revenue for $6,000. Lonzo provides recycling services monthly as promised. Prepare the December 31 year-end adjusting entry that Lonzo records for the work performed from September 1 through December 31 b. On October 20, Milwaukee Bucks sold a 10 game ticket package for $400 and recorded Uneamed Revenue. By December 31.41 of the 10 games had been played. Record the December 31 year-end adjusting entry that the Bucks record for the 40% of revenue earned on the $400 ticket package

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 5RE: Garcia Company rents out a portion of its building to Jerry Company for 1,000 per month. On August...

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Hanna Company borrows $80,000 on July 1 from the bank by signing an $80,000, 10% one year note payable. Prepare the journal entry to record the proceeds of the note. Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
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