On December 31,2016,the Balance in Pinnacle Exploration Company's Unearned Revenue

question 173

Multiple Choice

On December 31,2016,the balance in Pinnacle Exploration Company's Unearned Revenue account was a credit of $6,000.In January,2017,the company received an advance payment of $14,000 from a new customer for services to be performed.By January 31,adjustments were made to recognize $4,000 of the revenue that had been earned during January.What was the balance in Unearned Revenue on January 31,2017?

• A)$4,000 credit
• B)$14,000 debit
• C)$6,000 credit
• D)$16,000 credit

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Definitions:

Earning Power

The ability of an individual, company, or entity to generate income over time, often assessed for future potential.

Value of Time

This concept refers to the economic value of an individual's time, often measured by what they would be willing to pay to save time or by their wage rate.

High-Wage Individuals

Individuals who earn a salary significantly higher than the average or median for their profession or area.

Live Performances

Events where performers present arts like music, theater, or dance in real-time before a live audience.