Bryson inc collects cash from customers two waysa accrued, Ask an Expert

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Bryson, Inc. collects cash from customers two ways:
a. Accrued revenue. Some customers pay Bryson after Bryson has performed service for the customer. During 2010, Bryson made sales of $60,000 on account and later received cash of $45,000 on account from these customers.

b. Unearned revenue. A few customers pay Bryson in advance, and Bryson later performs the service for the customer. During 2010 Bryson collected $7,500 cash in advance and later earned $3,500 of this amount.

Journalize for Bryson

a. Earning service revenue of $60,000 on account and then collecting $45,000 on account.
b. Receiving $7,500 in advance and then earning $3,500 as service revenue.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9980580

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