不 Bryson Inc. collects cash from customers two ways: 1. Accrued Revenue. Some customers pay Bryson after Bryson has performed service for the customer. During 2020, Bryson made sales of $53,000 on account and later received cash of $45,000 on account from these customers. 2. Unearned Revenue. A few customers pay Bryson in advance, and Bryson later performs service for the customer. During 2020, Bryson collected $6,500 cash in advance and later earned $5,000 of this amount. Journalize the following for Bryson: a. Earning service revenue of $53,000 on account and then collecting $45,000 on account b. Receiving $6,500 in advance and then earning $5,000 as service revenue a. Journalize Bryson earning service revenue of $53,000 on account and then collecting $45,000 on account. Start by recording earning service revenue on account. (Record debits first, then credits. Explanations are not required.) Date 2020 Accounts Debit Credit

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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Bryson Inc. collects cash from customers two ways:
1. Accrued Revenue. Some customers pay Bryson after Bryson has performed service for the customer. During
2020, Bryson made sales of $53,000 on account and later received cash of $45,000 on account from these
customers.
2. Unearned Revenue. A few customers pay Bryson in advance, and Bryson later performs service for the
customer. During 2020, Bryson collected $6,500 cash in advance and later earned $5,000 of this amount.
Journalize the following for Bryson:
a. Earning service revenue of $53,000 on account and then collecting $45,000 on account
b. Receiving $6,500 in advance and then earning $5,000 as service revenue
a. Journalize Bryson earning service revenue of $53,000 on account and then collecting $45,000 on account.
Start by recording earning service revenue on account. (Record debits first, then credits. Explanations are
not required.)
Date
2020
Accounts
Debit
Credit
Transcribed Image Text:K Bryson Inc. collects cash from customers two ways: 1. Accrued Revenue. Some customers pay Bryson after Bryson has performed service for the customer. During 2020, Bryson made sales of $53,000 on account and later received cash of $45,000 on account from these customers. 2. Unearned Revenue. A few customers pay Bryson in advance, and Bryson later performs service for the customer. During 2020, Bryson collected $6,500 cash in advance and later earned $5,000 of this amount. Journalize the following for Bryson: a. Earning service revenue of $53,000 on account and then collecting $45,000 on account b. Receiving $6,500 in advance and then earning $5,000 as service revenue a. Journalize Bryson earning service revenue of $53,000 on account and then collecting $45,000 on account. Start by recording earning service revenue on account. (Record debits first, then credits. Explanations are not required.) Date 2020 Accounts Debit Credit
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