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How much will be reported on the December

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Question - On the last day of December 2019, Frederick Aviators entered into a transaction that resulted in a receipt of $324,000 cash in advance related to services that will be provided during January 2020. During December of 2019, the company also performed $192,000 of services which were neither billed nor paid. Prior to December adjustments and before these two transactions were recorded, the company's trial balance showed service revenue of $4,800,000 at December 31, 2019. There are no other prepaid services yet to be delivered.

If Frederick Aviators makes the appropriate adjusting entry, how much will be reported on the December 31, 2019 balance sheet as unearned revenue?

A. $42,000

B. $192,000

C. $456,000

D. $324,000

Reference no: EM132837727

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