Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed. The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a liability account.

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Answer 1

Question

Chapter 3, Problem 3.32E

1.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a liability account.

2.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a revenue account.

3.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The comparison of the ending balance of the T-accounts under both approaches, when the liabilities account is credited and when the service revenue account is credited.

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Answer 2

Question

Chapter 3, Problem 3.32E

1.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a liability account.

2.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a revenue account.

3.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The comparison of the ending balance of the T-accounts under both approaches, when the liabilities account is credited and when the service revenue account is credited.

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Answer 3

Question

Chapter 3, Problem 3.32E

1.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a liability account.

2.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a revenue account.

3.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The comparison of the ending balance of the T-accounts under both approaches, when the liabilities account is credited and when the service revenue account is credited.

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Answer 4

Question

Chapter 3, Problem 3.32E

1.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a liability account.

2.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a revenue account.

3.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The comparison of the ending balance of the T-accounts under both approaches, when the liabilities account is credited and when the service revenue account is credited.

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Answer 5

Chapter 3, Problem 3.32E

1.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a liability account.

2.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a revenue account.

3.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The comparison of the ending balance of the T-accounts under both approaches, when the liabilities account is credited and when the service revenue account is credited.

Answer 6

Chapter 3, Problem 3.32E

1.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a liability account.

Answer 7

Chapter 3, Problem 3.32E

1.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a liability account.

Answer 8

2.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a revenue account.

Answer 9

2.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The adjustment entry assuming M records cash receipts of unearned revenue initially by crediting a revenue account.

Answer 10

3.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The comparison of the ending balance of the T-accounts under both approaches, when the liabilities account is credited and when the service revenue account is credited.

Answer 11

3.

To determine

Concept Introduction: Deferred revenues are advanced receipts from customers for future service obligations. Deferred revenues are liabilities as the business receives the cash in advance and owes the customer goods or services later. When cash is received from a customer, the amount is credited to the service revenue account. Later if the goods or services are not provided to the customer, an adjustment entry for unearned revenue is passed.

The comparison of the ending balance of the T-accounts under both approaches, when the liabilities account is credited and when the service revenue account is credited.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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