Multiple Choice
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.
Correct Answer:
Verified
Correct Answer:
Verified
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