At January 1,Smith Has a Beginning Balance in Unearned Revenue

question 145

True/False

At January 1,Smith has a beginning balance in Unearned revenue of $1,000.During January,he earns $800 of that amount.He also collects $4,000 from a new customer for services to be rendered the following month.As of the end of January,the Unearned revenue account had a balance of $4,800.

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Definitions:

Stressful Day

A day filled with high levels of stress, often due to challenging or overwhelming situations.

Bipolar Disorder

A mental disorder that causes unusual shifts in mood, energy, activity levels, and the ability to carry out day-to-day tasks.

Depression

A psychiatric condition marked by a persistent feeling of sadness, lack of interest, and can lead to a variety of emotional and physical problems.

Mania

A mental state characterized by excessive excitement, energy, and euphoria, often seen in bipolar disorder.