Business, 21.06.2021 16:50 pr173418

On March 1, a designer received a check for $7,500 from a customer for services to be provided after the customer chooses a color scheme for the first floor of her house. On July 31, the designer completed the design work for this customer. Required:
Journalize the entries.

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Answer from: tina7659

Date Account Title Debit Credit

March 1 Cash $7,500

Unearned Revenue $7,500

Date Account Title Debit Credit

July 31 Unearned Revenue $7,500

Design Services Revenue $7,500

In March the revenue had not been earned as the work had not been carried out so the revenue will be sent to the Unearned revenue account.

When the designer finishes in July, they can now recognize the revenue so it will be moved from the Unearned revenue account to the proper revenue account.

Answer from: Quest

explanation:

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Answer from: Quest

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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On March 1, a designer received a check for $7,500 from a customer for services to be provided after...

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