On April 1 of the Current Year, Wood Services Received

question 6

Multiple Choice

On April 1 of the current year, Wood Services received $15,000 for services to be performed evenly over the next 12 months. Wood Services initially recorded the $15,000 as unearned service revenue. The adjusting entry on December 31 of the current year will include a:

• A)debit to service revenue for $11,250.
• B)debit to service revenue for $3,750.
• C)debit to unearned service revenue for $3,750.
• D)credit to service revenue for $11,250.

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Definitions:

Coefficient of Variation

A standardized measure of the dispersion of a probability distribution or frequency distribution.

Weights

Quantitative values assigned to elements of a set as a measure of their importance or influence in statistical calculations.

Grouped Data

Data that has been organized into groups or categories, often used in statistics for more efficient data handling and analysis.

Descriptive Statistics

Tabular, graphical, and numerical summaries of data.