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Denny Co. sells major household appliance service contracts for cash. The service contracts are for a one-year, two-year, or three-year period. Cash receipts from contracts are credited to Unearned Service Revenues. This account had a balance of $900,000 at December 31, 2001 before year-end adjustment. Service contracts still outstanding at December 31, 2001 expire as follows:

What amount should be reported as Unearned Service Revenues in Denny's December 31, 2001 balance sheet?

a) $900,000

b) $600,000

c) $1,500,000

d) $300,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941186

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