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Thompson Company has employed a bookkeeper who is inexperienced. On December 26, after reviewing the records for the year, you discover the following...
Thompson Company has employed a bookkeeper who is inexperienced. On December 26, after reviewing the records for the year, you discover the following error.
On September 1, Thompson Company received $510 for services to be performed in the future. The bookkeeper recorded this by debiting Cash for $150 and crediting Service Revenue for $150.
Note: Assume that it is the company's policy to record the receipt of revenue in advance of earning it in the Unearned Revenue account.
Required:
Make a correcting entry on December 26. Make sure to enter the day for each separate transaction.
