Thunderball Sports Club collected $328,000 unearned revenue from its clients during the year. If unearned revenue at the beginning of the year was $69,000 and revenue earned during the year was $380,000, what was unearned revenue at the end of the year?

Question

Quizplus · Accepted Answer

Unearned revenue at the end of the year is calculated as: Beginning unearned revenue ($69,000) + Collected unearned revenue ($328,000) - Revenue earned ($380,000) = $17,000.

Thunderball Sports Club Collected $328,000 Unearned Revenue from Its Clients