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Calculate the year-end adjusted balances

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Reference no: EM132385819

Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $6,000 ($2,000/month). (1) Record the rental for Commodores on November 1. (2) Record the adjusting entry on December 31. (3)

Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0).

Debit                 Credit

Cash             6,000

Deferred Rev           6,000

Deferred Rev. 4,000

Service Rev.            4,000

Deferred Rev.                    Service Rev.

1/1      0                            0

Reference no: EM132385819

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