On Dec 12, 2020, Ivory Coast, CGA, Received $ 5,000

question 43

Multiple Choice

On Dec 12, 2020, Ivory Coast, CGA, received $ 5,000 from a customer as an advance payment for accounting work to be done. The payment was credited to Service Revenue. Thirty percent of the work was performed in December 2020, with the rest to be done in January 2021, at which time the customer will be billed. The required adjusting entry at December 31, 2020 (year end) is

• A) Dr. Unearned Revenue $ 1,500, Cr. Service Revenue $ 1,500.
• B) Dr. Service Revenue $ 1,500, Cr. Unearned Revenue $ 1,500.
• C) Dr. Service Revenue $ 3,500, Cr. Unearned Revenue $ 3,500.
• D) Dr. Unearned Revenue $ 3,500, Cr. Service Revenue $ 3,500.

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Definitions:

Directive Leadership

A leadership style characterized by leaders who give instructions, set clear goals, and expect compliance from their subordinates.

Path-goal Leadership Theory

A theory that postulates a leader's effectiveness is based on their ability to clear followers' paths to their goals with the appropriate leadership style, thus enhancing their performance and satisfaction.

Servant Leadership

This leadership philosophy focuses on the leader's primary role as serving the needs of others, prioritizing the well-being and development of their team members above their own.

Organizational Objectives

Specific goals a company aims to achieve, which guide its operations and strategic planning.