On January 1, Smith Had a Beginning Balance in Unearned

question 70

True/False

On January 1, Smith had a beginning balance in Unearned Revenue of $2,000. During January, he earned $1,000 of the unearned revenue. He also collected $6,000 from a new customer for services to be rendered the following month. At the end of January, the Unearned Revenue account had a balance of $6,000.

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Definitions:

Train Cars

Connected, wheeled vehicles used collectively for the purpose of transporting goods or passengers along a railway track.

Strong Generalization

A statement about all members of a group or category that is made on the basis of evidence for some members, assuming it applies universally with little to no exceptions.

Single Instance

A reference to an argument or conclusion drawn from one example or case, which may not be sufficiently representative.

Representative

An individual who acts on behalf of others, typically in a legislative or formal setting, or a sample that accurately reflects the characteristics of a larger group.