Homework Answers
Unearned service revenue collected during 2016 = $8,000
Unearned service revenue balance increased during 2016 by = $700
Unearned service revenue earned during 2016 = Unearned service revenue collected during 2016 - Increase in Unearned service revenue balance during 2016
= 8,000 - 700
= $7,300
The following adjusting entry will be made on December 31, 2016:
| December 31, 2016 | Unearned service revenue | 7,300 | |
| Service revenue | 7,300 |
Correct option is (B)
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