Use the Information Below to Answer the Following Questions:
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question 6

Short Answer

Use the information below to answer the following questions:
On 15 September 2012, a surveyor received an advance of $7000 from a client for future services. The work was completed to the client’s satisfaction on 10 October 2012. The surveyor uses accrual accounting.
-What is the journal entry made by the surveyor on 10 October 2012?
A. DR Cash $\quad$ $\quad$ $\quad$ $\quad$ CR Unearned revenue

B. DR Accrued revenue $\quad$ $\mathrm { CR }$ Surveying revenue

C. DR Unearned revenue $\quad$ CR Surveying revenue

D. DR Surveying revenue $\quad$ $\mathrm { CR }$ Unearned revenue

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Definitions:

External Users

Individuals or entities outside of a company who use its financial statements and other reports to make informed decisions, such as investors, creditors, and regulatory agencies.

Internal Users

Individuals or groups within an organization, such as management and employees, who use financial information to make decisions about operations.

Managerial Accounting

The methodology of pinpointing, quantifying, evaluating, and understanding accounting data to assist managers in making knowledgeable decisions for their business.

Work in Process Inventory

Work in Process Inventory consists of partially completed goods that are in the process of being manufactured but are not yet finished products.