(Learning Objective 3: Updating the accounts) Bentley, Inc., collects cash from customers two ways:
a. Accrued revenue. Some customers pay Bentley after Bentley has performed service for the customer. During 20X8, Bentley made sales of $50,000 on account and later received cash of $40,000 on account from these customers.
b. Unearned revenue. A few customers pay Bentley in advance, and Bentley later performs the service for the customer. During 20X8 Bentley collected $7,000 cash in advance and later earned $6,000 of this amount.
Journalize for Bentley
a. Earning service revenue of $50,000 on account and then collecting $40,000 on account.
b. Receiving $7,000 in advance and then earning $6,000 as service revenue.
Explanations are not required.
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