不 Bryson Inc. collects cash from customers two ways: 1. Accrued Revenue. Some customers pay Bryson after Bryson has performed service for the customer. During 2020, Bryson made sales of $53,000 on account and later received cash of $45,000 on account from these customers. 2. Unearned Revenue. A few customers pay Bryson in advance, and Bryson later performs service for the customer. During 2020, Bryson collected $6,500 cash in advance and later earned $5,000 of this amount. Journalize the following for Bryson: a. Earning service revenue of $53,000 on account and then collecting $45,000 on account b. Receiving $6,500 in advance and then earning $5,000 as service revenue a. Journalize Bryson earning service revenue of $53,000 on account and then collecting $45,000 on account. Start by recording earning service revenue on account. (Record debits first, then credits. Explanations are not required.) Date 2020 Accounts Debit Credit

不 Bryson Inc. collects cash from customers two ways: 1. Accrued Revenue. Some customers pay Bryson after Bryson has performed service for the customer. During 2020, Bryson made sales of $53,000 on account and later received cash of $45,000 on account from these customers. 2. Unearned Revenue. A few customers pay Bryson in advance, and Bryson later performs service for the customer. During 2020, Bryson collected $6,500 cash in advance and later earned $5,000 of this amount. Journalize the following for Bryson: a. Earning service revenue of $53,000 on account and then collecting $45,000 on account b. Receiving $6,500 in advance and then earning $5,000 as service revenue a. Journalize Bryson earning service revenue of $53,000 on account and then collecting $45,000 on account. Start by recording earning service revenue on account. (Record debits first, then credits. Explanations are not required.) Date 2020 Accounts Debit Credit

Name: KBryson Inc. collects cash from customers two ways:1. Accrued Revenue
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Description: KBryson Inc. collects cash from customers two ways:1. Accrued Revenue. Some customers pay Bryson after Bryson has performed service for the customer. During2020, Bryson made sales of $53,000 on account and later received cash of $45,000 on account f

Individual Income Taxes

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Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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K
Bryson Inc. collects cash from customers two ways:
1. Accrued Revenue. Some customers pay Bryson after Bryson has performed service for the customer. During
2020, Bryson made sales of $53,000 on account and later received cash of $45,000 on account from these
customers.
2. Unearned Revenue. A few customers pay Bryson in advance, and Bryson later performs service for the
customer. During 2020, Bryson collected $6,500 cash in advance and later earned $5,000 of this amount.
Journalize the following for Bryson:
a. Earning service revenue of $53,000 on account and then collecting $45,000 on account
b. Receiving $6,500 in advance and then earning $5,000 as service revenue
a. Journalize Bryson earning service revenue of $53,000 on account and then collecting $45,000 on account.
Start by recording earning service revenue on account. (Record debits first, then credits. Explanations are
not required.)
Date
2020
Accounts
Debit
Credit

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