Question

The Unearned Revenue account of Professor Incorporated began 2018 with a normal balance of $5,000 and ended 2018 with a normal balance of $11,000. During 2018​, the Unearned Revenue account was credited for $24,000 that Professor will earn later. Based on these​ facts, how much revenue did Professor earn in 2018​?

Answer 1

Answer: $18,000

Step-by-step explanation:

Given that,

Began 2018 with a Normal balance = $5,000

Ended 2018 with a normal balance = $11,000

Unearned Revenue account was credited = $24,000

Revenue earned by professor in 2018 :

= Beginning unearned revenue + Advance payments - Ending unearned revenue

= $5,000 + $24,000 - $11,000

= $18,000

Therefore, $18,000 revenue earned by professor in 2018.