On December 31,2011,the Balance in Pinnacle Exploration Company's Unearned Revenue

question 33

Essay

On December 31,2011,the balance in Pinnacle Exploration Company's Unearned revenue account is credit of $4,200.In January,2012,the company received an advance payment of $12,000 from a new customer for services to be performed.By January 31,adjustments had been made to recognize $8,500 of the revenue which had been earned during January.What would be the balance in Unearned revenue on January 31,2012?
A) $16,200 credit
B) $8,500 debit
C) $3,500 credit
D) $7,700 credit

• A) $16,200 credit
• B) $8,500 debit
• C) $3,500 credit
• D) $7,700 credit

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Definitions:

Annuity Payment

Regular periodic payments made to an annuitant or beneficiary, often fixed sums received from a retirement account or insurance policy.

Rate Of Interest

The percentage of a loan incurred as interest cost to the borrower, usually expressed as an annual rate.

Future Value

The value of an investment at a specific date in the future, considering compounding interest.

Cash Flows

The total amount of money being transferred into and out of a business, particularly in terms of liquidity and financial planning.