On December 31, 2014, the Balance in Pinnacle Exploration Company's

question 78

Multiple Choice

On December 31, 2014, the balance in Pinnacle Exploration Company's Unearned Revenue account was a credit of $8,000. In January, 2015, the company received an advance payment of $14,000 from a new customer for services to be performed. By January 31, adjustments had been made to recognize $7,000 of the revenue which had been earned during January. What was the balance in Unearned Revenue on January 31, 2015?

• A)$7,000 credit
• B)$14,000 debit
• C)$8,000 credit
• D)$15,000 credit

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Definitions:

Schizophrenia

A severe mental disorder characterized by disruptions in thought processes, perceptions, emotional responsiveness, and social interactions.

Ineffective Management

A situation where leadership or organizational practices fail to achieve desired outcomes or to efficiently address issues, leading to potential problems.

NAMI

The National Alliance on Mental Illness, a United States-based advocacy group dedicated to improving the lives of individuals and families affected by mental illness.

Bipolar Disorder

A psychological disorder marked by cycles of low mood or depression and phases of high mood or mania.