Chapter 4 Unearned Income - Alice Hansen $1,000 and Dale...

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Neighborhood School Unearned Tuition Income For the Semester September – December 2008 In September, the students’ parents paid the following tuition… Student Sept. Oct. Nov. Dec. Total Bell, Billy $500 $500 Hansen, Alice 500 500 500 500 2,000 King, Dale 500 500 500 1,500 Lewis, Sally 500 500 1,000 $5,000 Date DR. CR. 9/30/08 Cash $5,000      Unearned Revenue $3,000      Tuition Revenue 2,000 To record Revenue for September In October, the students’ parents paid the following tuition… Student Oct. Nov. Dec. Total Bell, Billy 500 $500 Hansen, Alice 0 0 King, Dale 500 500 Lewis, Sally 0 0 $1,000 Date DR. CR. 10/31/0 8 Cash $1,000 Unearned Revenue 1,000      Tuition Revenue $2,000 To record Revenue for October
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Question: What is the balance of “Unearned Revenue”, and how is that balance allocated to what students? 2
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Answer: Balance of $2,000. Subsidiary Ledger should indicate…
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Unformatted text preview: Alice Hansen, $1,000 and Dale King, $1,000. In November, the students’ parents paid the following tuition… Student Nov. Dec. Total Bell, Billy $500 $500 Hansen, Alice King, Dale Lewis, Sally 500 500 $1,000 Date DR. CR. 11/30/0 8 Cash $1,000 Unearned Revenue 1,000 Tuition Revenue $2,000 To record Revenue for November In December, the students’ parents paid the following tuition… Student Dec. Total Bell, Billy $500 $500 Hansen, Alice King, Dale Lewis, Sally 500 500 $1,000 Date DR. CR. 12/31/0 8 Cash $1,000 Unearned Revenue 1,000 Tuition Revenue $2,000 To record Revenue for December 3 The balance of “Unearned Revenue” is now $0. Also, $2,000 in Tuition Revenue was properly recorded in each month. 4...
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