-Refer to Exhibit 7-1

question 69

Multiple Choice

-Refer to Exhibit 7-1.What is the value of personal income?

• A) $4,252
• B) $4,388
• C) $5,072
• D) $3,996
• E) $4,207

---

Definitions:

Unearned Service Revenue

Revenue a company earns from services it has yet to provide, which is treated as a liability until those services are rendered.

Adjusting Journal Entry

A journal entry made at the end of an accounting period to correct accounts before the financial statements are prepared, ensuring they comply with the accounting principles.

Accounting Services

Professional services that involve maintaining financial records, tax preparation, and audit assistance.

Software

A collection of data, programs, procedures, and instructions that tell the hardware of a computer what to do.