Unearned Revenue Was $2,400 at the End of May and $3,000

question 78

Multiple Choice

Unearned Revenue was $2,400 at the end of May and $3,000 at the end of June. Service Revenue was $17,100 for the month of June. How much cash was received for services provided during June?

• A) $16,500
• B) $11,700
• C) $17,700
• D) $22,500

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Definitions:

Ending Inventory

The total cost of all the inventory a business has in stock at the end of an accounting period.

Inventory Costing Methods

These are accounting approaches to determine the value of inventory on hand and the cost of goods sold, including methods like FIFO (First-In, First-Out) and LIFO (Last-In, First-Out).

Weighted-average

A calculation that takes into account both the quantity and the significance of the items being averaged.

FIFO

A cost flow assumption for inventory and financial accounting where the first goods purchased or produced are the first to be sold.