Tiny Corporation shows a balance in the unearned revenue account of $1,200 at the end of the month. It is determined that $500 of that amount remains unearned at this time. The adjusting entry to update the accounts is:___________.

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victordguerrero453 victordguerrero453

04-02-2020
Business

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Tiny Corporation shows a balance in the unearned revenue account of $1,200 at the end of the month. It is determined that $500 of that amount remains unearned at this time. The adjusting entry to update the accounts is:___________.

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adeosawaru adeosawaru · Answer 1 · 2020-02-04T11:30:17+01:00

adeosawaru adeosawaru

04-02-2020

Answer: The adjusting entry is to DR Unearned Revenue Account with $700 and CR Earned Revenue Account with $700.

Explanation:

A reduction in the unearned revenue account implies that a portion of the unearned revenue has been earned.

Unearned revenue account is a liability account that warehouses revenue paid for but yet to be earned. A reduction in the liability means an income has been earned and recognised.

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