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13 May, 22:31

The Unearned Revenue account of Professor Incorporated began 2018 with a normal balance of $5,000 and ended 2018 with a normal balance of $11,000. During 2018 , the Unearned Revenue account was credited for $24,000 that Professor will earn later. Based on these facts, how much revenue did Professor earn in 2018 ?

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  1. 13 May, 22:51
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    Answer: $18,000

    Explanation:

    Given that,

    Began 2018 with a Normal balance = $5,000

    Ended 2018 with a normal balance = $11,000

    Unearned Revenue account was credited = $24,000

    Revenue earned by professor in 2018:

    = Beginning unearned revenue + Advance payments - Ending unearned revenue

    = $5,000 + $24,000 - $11,000

    = $18,000

    Therefore, $18,000 revenue earned by professor in 2018.
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