On march 1, a designer received a check for $7,500 from a customer for services to be provided after the customer chose a color scheme for the first floor of her house. on july 31, the designer completed the design work for this customer. prepare the july 31 journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

unearned service revenue 7,500 DEBIT

       service revenue 7,500 CREDIT

Explanation:

the job is complete on July 31th

so we write-off the unearned service reveue

and we recognize the service revenue for the whole amount of the contract

The cash receipt occurs on March 1st so w edon't haveto post anythign related to cash on July 31th.

the unearned revenue account is used first because the business has the obligation of perform the job or return the cash. So it is a liablity until the job is completed

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whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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