Ask Question
31 October, 22:37

The Unearned Revenue account of College Incorporated began 2018 with a normal balance of $7,000 and ended 2018 with a normal balance of $12,000. During 2018, the Unearned Revenue account was credited for $29,000 that College will earn later. Based on these facts, how much revenue did College earn in 2018?

+5
Answers (1)
  1. 31 October, 22:39
    0
    College earned revenue of $24,000 during 2018

    Explanation:

    Given:

    Opening balance of unearned revenue account = $7,000

    Unearned revenue credited to college = $29,000

    Closing balance = $12,000

    Revenue earned by college during the year = Opening balance + unearned revenue during the year - closing balance

    = 7,000 + 29,000 - 12,000

    =$24,000

    College earned revenue of $24,000 in 2018.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The Unearned Revenue account of College Incorporated began 2018 with a normal balance of $7,000 and ended 2018 with a normal balance of ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers