Describe the transaction shown in the following journal entry. A. Paid cash to a customer who...
Describe the transaction shown in the following journal entry.
A. Paid cash to a customer who requested a refund.
B. Received cash in advance for work to be performed in future months.
C. Recorded adjusting entry for work completed.
D. Received cash for services completed.
Homework Answers
Correct option is B.
Received cash in advance for work to be performed in future months.
Explanation :
Cash Account ... Debit 6000 and Unearned service revenue amounted to 6000 represent cash received in advance because service has not been performed yet because the word unearned means service will be performed.
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