On April 1,2017,Planet Services Received $8,000 in Advance of Performing

question 103

Multiple Choice

On April 1,2017,Planet Services received $8,000 in advance of performing the services from a customer for three months of service - April,May and June.What would be the journal entry to adjust the accounts at the end of May?

• A)Debit Service Revenue $2,667,and credit Unearned Revenue $2,667.
• B)Debit Unearned Revenue $5,333,and credit Service Revenue $5,333.
• C)Debit Unearned Revenue $8,000,and credit Service Revenue $8,000.
• D)Debit Service Revenue $5,333,and credit Accounts Receivable $5,333.

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Definitions:

Exclusive Representation

The right of a single labor union to represent all employees in a workplace in negotiations with the employer.

Associational Model

A theoretical approach emphasizing the importance of social networks and associations in shaping individual behaviors and societal outcomes.

Utilitarian

A moral philosophy that holds actions as right if they tend to promote happiness and wrong if they tend to produce the opposite, focusing on the outcome of the greatest good for the greatest number.

Libertarianism

A political philosophy that emphasizes individual liberty, free-market principles, and minimum government intervention in the lives of citizens.