On November 1,2019,Bug Busters Collected $6,000 in Advance for Three

question 45

Essay

On November 1,2019,Bug Busters collected $6,000 in advance for three months of service to be provided beginning on that date.Bug credited unearned service revenue for $6,000.The books are adjusted only at year-end.
Prepare the adjusting entry required on December 31,2019.

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Definitions:

Internet-Based Applications

Software programs that function online over a network and can be accessed through internet browsers.

Social Media

Online platforms that enable users to create, share content, and participate in social networking.

Marketing Mix

The mix of elements a company can manage to encourage consumers to buy its offerings, commonly known as product, price, location, and marketing.

Four Ps

Refers to the marketing mix elements: Product, Price, Place, and Promotion, used to achieve marketing objectives.