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.
D
Business
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DRIPs (dividend reinvestment plans) generally have few or no transaction costs
Indicate whether the statement is true or false.
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