On October 31 of the Current Year, a Contract Was

question 22

Multiple Choice

On October 31 of the current year, a contract was signed and a cheque received for services to be performed by October 31 of the following year. The Unearned Service Revenue account was credited for $4,800. Assuming services were performed evenly during the remainder of the year, the adjusting entry on December 31 will involve a:

• A) credit to Service Revenue $800
• B) credit to Unearned Service Revenue $800
• C) debit to Unearned Service Revenue $4,000
• D) credit to Service Revenue for $4,000

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