On December 1, 2023, Carrie's Day Care receives $4,200 in advance for an agreement to care for Susan's children for the months of December, January, and February. Carrie's Day Care will make an adjusting entry on December 31, 2023 to: A. debit Unearned Revenue for $1,400. B. credit Revenue for $4,200. C. credit Revenue for $2,800. D. credit Prepaid Revenue for

On December 1, 2023, Carrie's Day Care receives $4,200 in advance for an agreement to care for Susan's children for the months of December, January, and February. Carrie's Day Care will make an adjusting entry on December 31, 2023 to: A. debit Unearned Revenue for $1,400. B. credit Revenue for $4,200. C. credit Revenue for $2,800. D. credit Prepaid Revenue for

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

debit Unearned Revenue for

$1,400.

credit Revenue for

$4,200.

credit Revenue for

$2,800.

credit Prepaid Revenue for

$2,800.

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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