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.\ Credit Unearned revenues for

$400

.\ Debit Service revenue for

$400

.\ Debit Unearned revenues for

$600

.\ Debit Unearned revenues for

$400

.\ Need help? Review these concept resources.

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. Credit Unearned revenues for $400. Debit Service revenue for $400. Debit Unearned revenues for $600. Debit Unearned revenues for $400. Need help? Review these concept resources