MGS3 Uniforms. Note: the camo is replaced with the fruit camo in Snake Eater 3D, owing to that game replacing the Kerotan with Yoshi. In Snake Eater 3D, the banana camo can be unlocked by choosing I Like Metal Gear Solid: Peace Walker on the main menu when starting a new game.
We are simply separating the earned part from the unearned portion. Of the $30,000 unearned revenue, $6,000 is recognized as income. In the entry above, we removed $6,000 from the $30,000 liability.The balance of unearned revenue is now at $24,000.f at the end of the year the company earned 20% of the entire $30,000, then the adjusting entry would be: By debiting Service Income for $24,000, we are decreasing the income initially recorded. The balance of Service Income is now $6,000 ($30,000 - 24,000), which is actually the 20% portion already earned.
The underlying purpose of closing entries is to zero out those temporary accounts that have changed during the account period being closed in order to begin entries in the next accounting cycle. A term often used for closing entries is reconciling the company's accounts.