Sanders Company has employed a bookkeeper who is inexperienced. On December 26, after reviewing the...
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Accounting
Sanders Company has employed a bookkeeper who is inexperienced. On December 26, after reviewing the records for the year, you discover the following error.
On September 1, Sanders Company received $390 for services to be performed in the future. The bookkeeper recorded this by debiting Cash for $930 and crediting Service Revenue for $930.
Note: Assume that it is the company's policy to record the receipt of revenue in advance of earning it in the Unearned Revenue account.
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You can see the logs in the Dashboard.