A company received 18000 from a customer on december 1 20x1, Ask an Expert

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A company received $18,000 from a customer on December 1, 20X1 for future work to be performed and recorded the receipt of cash and the liability to complete the work (credit to unearned revenue). As of the year ended December 31, 20X1, two-thirds of the work has been completed. Record the necessary adjusting journal entry.

DEBIT: Unearned Revenue for $6,000; CREDIT: Revenue for $6,000

DEBIT: Unearned Revenue for $12,000; CREDIT: Revenue for $12,000

DEBIT: Revenue for $6,000; CREDIT: Unearned Revenue for $6,000

DEBIT: Revenue for $12,000; CREDIT: Unearned Revenue for $12,000

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92710298

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