Booker Company received an advance payment of $36,000 for a consulting contract during the year. The balance in the Unearned Consulting Fees account at the beginning of the year was $4,000. At the end of the year, $2,000 was still unearned.
How much will Booker report as Consulting Revenue on its income statement for the year?

Question

Booker Company received an advance payment of $36,000 for a consulting contract during the year. The balance in the Unearned Consulting Fees account at the beginning of the year was $4,000. At the end of the year, $2,000 was still unearned. 
How much will Booker report as Consulting Revenue on its income statement for the year?

Quizplus · Accepted Answer

The Answer of Booker Company received an advance payment of $36,000 for a consulting contract during the year. The balance in the Unearned Consulting Fees account at the beginning of the year was $4,000. At the end of the year, $2,000 was still unearned. 
How much will Booker report as Consulting Revenue on its income statement for the year?

Booker Company Received an Advance Payment of $36,000 for a Consulting