Pavillion Company experienced the following events and

transactions during July July #4301

Pavillion Company experienced the following events and transactions during July:July 1
Received $4,000 in advance of performing work for Andrew Renking.6 Received $16,800 in
advance of performing work for Matt Swarbuck.12 Completed the job for Andrew Renking.18
Received $15,000 in advance of performing work for Drew Sayer.27 Completed the job for Matt
Swarbuck.31 The job for Drew Sayer has not been started.a. Give journal entries (including any
adjusting entry as of the end of the month) to record these items using the procedure of initially
crediting the Unearned Fees account when a payment is received from a customer in advance
of performing services.b. Give journal entries (including any adjusting entry as of the end of the
month) to record these items using the procedure of initially crediting the Fees Earned account
when a payment is received from a customer in advance of performing services.c. Under each
method, determine the amount of earned fees that should be reported on the income statement
for July and the amount of unearned fees that should appear on the balance sheet as of July
31.View Solution:
Pavillion Company experienced the following events and transactions during July July

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