On October 25, Yacht Doc received $200,000 for a yacht valued at $180,000 and a 4-month service contract. During November, the yacht was delivered and 1 month of the service contract was performed. The remaining services are to be performed evenly over the next 3 months. What is the entry Yacht Doc should record on October 25

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ginger8107 ginger8107

10-03-2022
Business

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On October 25, Yacht Doc received $200,000 for a yacht valued at $180,000 and a 4-month service contract. During November, the yacht was delivered and 1 month of the service contract was performed. The remaining services are to be performed evenly over the next 3 months. What is the entry Yacht Doc should record on October 25

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Parrain Parrain · Answer 1 · 2022-03-14T11:01:34+01:00

The entry that Yacht Doc should make on October 25 is a $200,000 credit to Unearned revenue and a $200,000 debit to Cash.

What is unearned revenue?

This is an account that includes amounts that a company has received goods it hasn't sold or services it hasn't given out yet.

Yacht Doc had not yet delivered the yacht nor provided any services and yet they were paid. This will therefore go to the unearned revenue account as a credit because this is a liability account.

Find out more on Unearned revenue at https://brainly.com/question/24852569.