What Is the Adjustment Entry for That Portion of Revenue

question 154

Multiple Choice

What is the adjustment entry for that portion of revenue received in advance which has now been earned?

• A) Unearned Revenue - Debit; Cash - Credit.
• B) Unearned Revenue - Debit; Revenue from Services - Credit.
• C) Revenue from Services - Debit; Unearned Revenue - Credit.
• D) Cash - Debit; Unearned Revenue - Credit.

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Definitions:

Activity-Based Costing

A costing method that assigns costs to products and services based on the activities required to produce the product or deliver the service.

Customer Support

The service provided by a company to assist its customers in using products or services efficiently and satisfactorily.

Time-Driven

An aspect or method that is based on the duration or amount of time required to perform tasks or processes.

Activity-Based Costing

Activity-based costing is a method of allocating overhead costs to products or services based on the activities that consume resources, aiming for more accurate product costing.