On January 1, Chan & Chan, CPAs received a $15,000 cash retainer for accounting services to be rendered ratably over the next three months.The full amount was credited to the liability account Unearned Service Revenue.Assuming that the revenue is recognized equally over the three-month period, what adjusting journal entry should be made at January 31?

Question

Quizplus · Accepted Answer

The Answer of On January 1, Chan & Chan, CPAs received a $15,000 cash retainer for accounting services to be rendered ratably over the next three months.The full amount was credited to the liability account Unearned Service Revenue.Assuming that the revenue is recognized equally over the three-month period, what adjusting journal entry should be made at January 31?

On January 1, Chan & Chan, CPAs Received a $15,000