An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. By the end of the year, $400 had been earned. Demonstrate the December 31 adjusting entry by choosing the correct statement below. a. Debit Service revenue for $400.
b. Debit Unearned revenues for $400.
c. Debit Unearned revenues for $600.
d. Credit Unearned revenues for $400.

b. Debit Unearned revenues for $400.

Explanation:

When money is received in advance for a service that is yet to be rendered, the money is accounted for as a liability called deferred or unearned income.

The entries are

Dr Cash

Cr Deferred revenue

when the service is rendered, revenue is said to be earned with the following entries passed

Dr Deferred revenue

Cr Revenue

Hence when $1,000 for services was received on December 1 and was recorded as a liability

Dr Cash   $1,000

Cr Deferred revenue  $1,000

when $400 had been earned

Dr Deferred revenue  $400

Cr Revenue  $400

Option b is right

b. Debit Unearned revenues for $400.

i believe the answer is: streets and roads

public property refers to the property that can be used by all legal citizens in a certain country. the public property was created and maintain using the government budget that allocated specifically for it. the budget itself come from the citizen's income tax payment.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

                                          hope it