Oleke Manufacturing received $800 in advance on January 1 from Zinger Company for services to be performed over the next 3 months
If the $800 received from Zinger Company was placed into the Unearned Revenue account, and Oleke had completed 30% of the work as of the end of the month, what adjusting entry would Oleke Manufacturing make on January 31?
A) Prepaid revenue 240
Revenue 240
B) Revenue 240
Unearned revenue 240
C) Unearned revenue 240
Revenue 240
D) Revenue 560
Unearned revenue 560
E) Unearned revenue 560
Revenue 560
C
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Indicate whether the statement is true or false