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Enoch, Inc. began operations on July 1, 2009. On August 1, it received $12,000 in advance for services to be performed evenly over the next

Enoch, Inc. began operations on July 1, 2009. On August 1, it received $12,000 in advance for services to be performed evenly over the next 12 months. How much unearned revenue should the company report on its balance sheet at August 31, 2009?

a. $12,000

b. $1,000

c. $11,000

d. $5,000

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