If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be
A. debit Unearned Revenue and credit Cash
B. debit Unearned Revenue and credit Prepaid Expense
C. debit to Unearned Revenue and credit Service Revenue
D. debit Unearned Revenue and credit Accounts Receivable
Ans: C. debit to Unearned Revenue and credit Service Revenue
Business
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A) Proceed immediately to database design B) Review them with the relevant stakeholders to make sure they are complete and accurate C) File them away to be looked at later if needed D) Both A and C
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Most companies use strict merit-based plans that calculate compensation only on performance
Indicate whether the statement is true or false.
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