29 Denny Co Sells Major Household Appliance Service Contracts For Cash The Service C 2764679

29.

Denny Co. sells major household appliance service contracts for cash. The service contracts are for a one-year, two-year, or three-year period. Cash receipts from contracts are credited to Unearned Service Revenues. This account had a balance of $900,000 at December 31, 2011 before year-end adjustment. Service contracts still outstanding at December 31, 2011 expire as follows:

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What amount should be reported as Unearned Service Revenues in Denny’s December 31, 2011 balance sheet?

  • $900,000
  • $600,000
  • $1,500,000
  • $300,000