E 11-6 Req. 1 (5-10 min.) General Journal DATE POST. 2014 ACCOUNT TITLES AND EXPLANATIONS REF. DEBIT CREDIT Jan. 2 Cash 60,000 Retainer Fees 60,000 Received retainer fees in advance. Jan. 31 Retainer Fees 5,000 Service Revenue 5,000 Earned revenue that was collected in advance. Req. 2 Retainer Fees Jan. 31, 2014 5,000 Jan. 2, 2014 60,000 Bal. 55,000 The value of services to be provided in the remaining 11 months is $55,000.00. E 11-7 (5-10 min.) Req. 1 General Journal DATE POST. 2014 ACCOUNT TITLES AND EXPLANATIONS REF. DEBIT CREDIT Oct. 1 Cash [$100 + ($100 × 0.07) + ($100 × 0.05)] 112.00 Unearned Subscription Revenue 100.00 GST Payable 7.00 PST Payable 5.00 Nov. 15 PST Payable 5.00 GST Payable 7.00 Cash 12.00 Dec. 31 Unearned Subscription Revenue ($100 ÷ 63) 50.00 Subscription Revenue 50.00 Req. 2 Unearned Subscriptions Revenue
Req. 1 (5-10 min.) E 11-6 General Journal DATE 2014 ACCOUNT TITLES AND EXPLANATIONS POST. REF. DEBIT CREDIT Jan. 2 Cash 60,000 Retainer Fees 60,000 Received retainer fees in advance. Jan. 31 Retainer Fees 5,000 Service Revenue 5,000 Earned revenue that was collected in advance. Req. 2 Retainer Fees Jan. 31, 2014 5,000 Jan. 2, 2014 60,000 Bal. 55,000 The value of services to be provided in the remaining 11 months is $55,000.00. (5-10 min.) E 11-7 Req. 1 General Journal DATE 2014 ACCOUNT TITLES AND EXPLANATIONS POST. REF. DEBIT CREDIT Oct. 1 Cash [$100 + ($100 × 0.07) + ($100 × 0.05)] 112.00 Unearned Subscription Revenue 100.00 GST Payable 7.00 PST Payable 5.00 Nov. 15 PST Payable 5.00 GST Payable 7.00 Cash 12.00 Dec. 31 Unearned Subscription Revenue ($100 ÷ 63) 50.00 Subscription Revenue 50.00 Req. 2 Unearned Subscriptions Revenue