On November 1st, clients of Great Designs Company prepaid $2,800 for services to be provided in the future at a rate of $70 per hour.
(a) Journalize the receipt of this cash.
(b) As of November 30th, Great Designs shows that 16 hours of services have been provided on this agreement. Prepare the necessary journal entry to record this.
(c) Determine the total unearned fees in hours and dollars at November 30th.

Question

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The Answer of On November 1st, clients of Great Designs Company prepaid $2,800 for services to be provided in the future at a rate of $70 per hour.
(a) Journalize the receipt of this cash.
(b) As of November 30th, Great Designs shows that 16 hours of services have been provided on this agreement. Prepare the necessary journal entry to record this.
(c) Determine the total unearned fees in hours and dollars at November 30th.

On November 1st, Clients of Great Designs Company Prepaid $2,800