H&R Wholesalers is a retailer providing low-cost, bulk items to small companies. Companies must pay an annual membership fee of $225 to access H&R's warehouses. H&R received yearly membership fees from 384 companies on August 1, 2018. Required: At December 31, 2018, calculate the remaining amount of Unearned Revenue and the account balance of the Revenue account. Assume this is their first year of business. Unearned revenue $ Revenue $
H&R Wholesalers is a retailer providing low-cost, bulk items to small companies. Companies must pay an annual membership fee of $225 to access H&R's warehouses. H&R received yearly membership fees from 384 companies on August 1, 2018. Required: At December 31, 2018, calculate the remaining amount of Unearned Revenue and the account balance of the Revenue account. Assume this is their first year of business. Unearned revenue $ Revenue $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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H&R Wholesalers is a retailer providing low-cost, bulk items to small companies. Companies must pay an annual membership fee of $225 to access H&R's warehouses. H&R received yearly membership fees from 384 companies on August 1, 2018.
Required:
At December 31, 2018, calculate the remaining amount of Unearned Revenue and the account balance of the Revenue account. Assume this is their first year of business.
| Unearned revenue | $ |
| Revenue | $ |
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