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A customer prepayment was received on December 1, 2014 for $1,500. The prepayment was recorded to the Unearned Revenue account. At the end of the
A customer prepayment was received on December 1, 2014 for $1,500. The prepayment was recorded to the Unearned Revenue account. At the end of the year, 1/3 of the Unearned Revenue had been earned. The adjusting entry on December 31, 2014 would require a debit to the account __________ and a credit to the account ___________ for $_____________ .
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