On july 1, squid roe, inc., collected cash in advance from a customer in july for services to be performed in july, august and september and recorded a debit to cash and credit to unearned revenue for $3,000.
which of the following is the proper treatment of this event assuming monthly financial statements are prepared?
on september 30, an adjusting entry should be recorded that debits unearned revenue and credits service revenue for $3,000. no adjusting entry should be recorded since the full $3,000 has already be recorded with an increase to cash.
on july 31, an adjusting entry should be recorded that debits service revenue and credits unearned revenue for $1,000.
on july 31, an adjusting entry should be recorded that debits unearned revenue and credits service revenue for $1,000.
on september 30, an adjusting entry should be recorded that debits service revenue and credits unearned revenue for $3,000.
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