At the beginning of the year, Deluxe Advertising owed customers $2,300 for unearned revenue collected in advance. During the year, Deluxe received advance cash receipts of $7,800 and earned $50,000 of service revenue (exclusive of any amount earned from advance payments). At year-end, the liability for unearned revenue is $2,800 and unadjusted service revenue is $50,000. 1. Record the adjusting entry assuming that Deluxe records the cash receipt of unearned revenue by initially crediting a liability account. Post the adjusting entry to the Unearned Revenue and Service Revenue T-accounts. Make sure to include the beginning balance and additional unearned revenue in the Unearned Revenue T-account. 2. Record the adjusting entry assuming that Deluxe records the cash receipt of unearned revenue by initially crediting a revenue account. Post the adjusting entry to the Unearned Revenue and Service Revenue T-accounts. Make sure to include the beginning balance in the Unearned Revenue T-account and the additional unearned revenue in the Service Revenue T-account. 3. Compare the ending balances of the T-accounts under both approaches. Are they the same