On August 31,2016,Peter Services Received $3,500 in Advance of Performing

question 76

Multiple Choice

On August 31,2016,Peter Services received $3,500 in advance of performing the service.Which journal entry is needed to record the receipt of cash?

• A)Debit Unearned Revenue $3,500,and credit Cash $3,500.
• B)Debit Cash $3,500,and credit Service Revenue $3,500.
• C)Debit Unearned Revenue $3,500,and credit Service Revenue $3,500.
• D)Debit Cash $3,500,and credit Unearned Revenue $3,500.

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