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Answer
(A) debit cash and credit unearned Revenue for $1500
Since question is asking for entry on 1st December. Cash is received today but since income will be earned in next 3 months therefore income will be recorded in next 3 months as $500 per months but as on 1st December their is no income earned. Therefore we have debited cash and unearned Revenue is credited and on 31st December when 1 month completed we will debit unearned income and credit service revenue for $500 and same in next months also.
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