Reference no: EM131256730
Swell Computer Company (SWC) prepares annual financial statements.
SWC received advance payments from customers during Year6 of $14,800. At December 31, Year6, $1800 of the advance payments still had not been earned.
Before adjusting entries, the Unearned Revenue and Service Revenue accounts had the following balances:
Unearned revenue $14,800
Service Revenue $305,000
After the adjustments are recorded and posted at December 31, Year6, the balances in the Unearned Service Revenue and Service Revenue accounts will be:
a. Unearned Service Revenue, $1800; Service Revenue, $318,000.
b. Unearned Service Revenue, $1800; Service Revenue, $319,800.
c. Unearned Service Revenue, $13,000; Service Revenue, $306,800.
d. Unearned Service Revenue, $1800; Service Revenue, $14,800.
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