Answer Happy

Stone Works is a paving stone installation business that operates from about April to October each year. The company has an outstanding reputation for the quality of its work and as a result pre-books customers a full year in advance. Customers must pay 40% at the time of booking and the balance on the completion date of the job Stone Works records the 60% cash advance received from customers in the Uneamed Revenues account. The December 31, 2017, balance sheet shows Unearned Revenues totalling $309.000. During 2018, $374,000 of cash wes collected in total from customers $258,000 regarding work completed during the year for customers who paid 40% down in 2017, and the balance representing the 40% prepayments for work to be done in 2019 Required: 1. Prepare the entry to record the collection of cash in 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round the answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 Record the revenues earned during 2018 and the collection of the remaining 60% owing on the work. Note: Enter debits before credits. General Journal Debit Credit
Note: Enter debits before credits. Date 2018 Unearned revenues Sales salaries expense Record entry General Journal Balance in uneamed revenue Clear entry Debit Credit View general journal 2. Determine the balance in Unearned Revenue at December 31, 2018. (Round the final answer to the nearest whole dollar amount.)