Necessary journal entries required to be passed for revenue received in advance under alternative treatment of deferred revenue describes the entries required to be passed for revenue received in advance and adjustment required at the end of period. The Treatment under Deferred Revenue method requires that the Unearned Revenue shall be credited for amount of revenue received in advance and at the end of period, the actual revenue earned during the period shall be transferred to revenue account from the unearned revenue account. Requirement 1: TheJournal Entry required to be passed for Revenue received in advance under alternative method of deferred revenue shall be determined.

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Answer 1

Question

Chapter 3, Problem S3A.17SE

To determine

Necessary journal entries required to be passed for revenue received in advance under alternative treatment of deferred revenue describes the entries required to be passed for revenue received in advance and adjustment required at the end of period. The Treatment under Deferred Revenue method requires that the Unearned Revenue shall be credited for amount of revenue received in advance and at the end of period, the actual revenue earned during the period shall be transferred to revenue account from the unearned revenue account.

Requirement 1:

TheJournal Entry required to be passed for Revenue received in advance under alternative method of deferred revenue shall be determined.

To determine

Requirement 2:

The Adjusting entry required for the revenue earned at the end of period shall be determined.

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Answer 2

Question

Chapter 3, Problem S3A.17SE

To determine

Necessary journal entries required to be passed for revenue received in advance under alternative treatment of deferred revenue describes the entries required to be passed for revenue received in advance and adjustment required at the end of period. The Treatment under Deferred Revenue method requires that the Unearned Revenue shall be credited for amount of revenue received in advance and at the end of period, the actual revenue earned during the period shall be transferred to revenue account from the unearned revenue account.

Requirement 1:

TheJournal Entry required to be passed for Revenue received in advance under alternative method of deferred revenue shall be determined.

To determine

Requirement 2:

The Adjusting entry required for the revenue earned at the end of period shall be determined.

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Answer 3

Question

Chapter 3, Problem S3A.17SE

To determine

Necessary journal entries required to be passed for revenue received in advance under alternative treatment of deferred revenue describes the entries required to be passed for revenue received in advance and adjustment required at the end of period. The Treatment under Deferred Revenue method requires that the Unearned Revenue shall be credited for amount of revenue received in advance and at the end of period, the actual revenue earned during the period shall be transferred to revenue account from the unearned revenue account.

Requirement 1:

TheJournal Entry required to be passed for Revenue received in advance under alternative method of deferred revenue shall be determined.

To determine

Requirement 2:

The Adjusting entry required for the revenue earned at the end of period shall be determined.

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Answer 4

Question

Chapter 3, Problem S3A.17SE

To determine

Necessary journal entries required to be passed for revenue received in advance under alternative treatment of deferred revenue describes the entries required to be passed for revenue received in advance and adjustment required at the end of period. The Treatment under Deferred Revenue method requires that the Unearned Revenue shall be credited for amount of revenue received in advance and at the end of period, the actual revenue earned during the period shall be transferred to revenue account from the unearned revenue account.

Requirement 1:

TheJournal Entry required to be passed for Revenue received in advance under alternative method of deferred revenue shall be determined.

To determine

Requirement 2:

The Adjusting entry required for the revenue earned at the end of period shall be determined.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem S3A.17SE

To determine

Necessary journal entries required to be passed for revenue received in advance under alternative treatment of deferred revenue describes the entries required to be passed for revenue received in advance and adjustment required at the end of period. The Treatment under Deferred Revenue method requires that the Unearned Revenue shall be credited for amount of revenue received in advance and at the end of period, the actual revenue earned during the period shall be transferred to revenue account from the unearned revenue account.

Requirement 1:

TheJournal Entry required to be passed for Revenue received in advance under alternative method of deferred revenue shall be determined.

To determine

Requirement 2:

The Adjusting entry required for the revenue earned at the end of period shall be determined.

Answer 6

Chapter 3, Problem S3A.17SE

To determine

Necessary journal entries required to be passed for revenue received in advance under alternative treatment of deferred revenue describes the entries required to be passed for revenue received in advance and adjustment required at the end of period. The Treatment under Deferred Revenue method requires that the Unearned Revenue shall be credited for amount of revenue received in advance and at the end of period, the actual revenue earned during the period shall be transferred to revenue account from the unearned revenue account.

Requirement 1:

TheJournal Entry required to be passed for Revenue received in advance under alternative method of deferred revenue shall be determined.

Answer 7

Chapter 3, Problem S3A.17SE

To determine

Necessary journal entries required to be passed for revenue received in advance under alternative treatment of deferred revenue describes the entries required to be passed for revenue received in advance and adjustment required at the end of period. The Treatment under Deferred Revenue method requires that the Unearned Revenue shall be credited for amount of revenue received in advance and at the end of period, the actual revenue earned during the period shall be transferred to revenue account from the unearned revenue account.

Requirement 1:

TheJournal Entry required to be passed for Revenue received in advance under alternative method of deferred revenue shall be determined.

Answer 8

To determine

Requirement 2:

The Adjusting entry required for the revenue earned at the end of period shall be determined.

Answer 9

To determine

Requirement 2:

The Adjusting entry required for the revenue earned at the end of period shall be determined.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 3 - Prob. 1QC Ch. 3 - Get Fit Now gains a client who prepays S540 for a...Ch. 3 - The revenue recognition principle requires...Ch. 3 - Adjusting the accounts is the process of Learning...Ch. 3 - Which of the following is an example of a deferral...Ch. 3 - Assume that the weekly payroll of In the Woods...Ch. 3 - Prob. 7QC Ch. 3 - A equity overstated income statement: expense...Ch. 3 - A worksheet Learning Objective 6 is a journal used...Ch. 3 - On February 1, Clovis Wilson Law Firm contracted...

Requirement 2: The Adjusting entry required for the revenue earned at the end of period shall be determined.

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Requirement 2:

The Adjusting entry required for the revenue earned at the end of period shall be determined.