Homework: Chapter 3 Homework Save Score: 0 of 1 pt 4 of 5 (complete HW Score: 0%, 0 of 5 pts E3A-32 (similar to) Question Help At the beginning of the year, Deluxe Advertising owed customers $2.800 for neamed revenue collected in advance. During the year, Deluxe received advance cash receipts of $7.200 and earned $20,000 of service revenue (exclusive of any amount came from advance payments). At year and the ability for neared revenue is $3.400 and adjusted service revenue is $20.000 Read the requirements Requirement 1. Record the adjusting entry assuming that Deluxe records the cash receipt of name revenue by initially crediting a liability account. Post the adjusting entry to the Uneamed Revenue and Service Revenue T-accounts. Make sure to include the beginning balance and additional uneared revenue in the Uneamed Revenue T-account. Begin by recording the adjusting entry assuming that Deluxe records uneared revenue by initially crediting a bility account. Record debits first, then credits Select the explanation on the last line of the journal entry) Accounts and Explanation a Requirements 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 Uneamed Revenue and Service Revenue T-accounts. Make sure to include the beginning balance and additional uneamed revenue in the Uneed Revenue T-account 2. Record the adjusting entry assuming that Deluxe record the cash receipt of named revenue by initially crediting a revenue account. Post the adjusting entry to the Uneamed Revenue and Service Revenue T-accounts. Make sure to include the beginning balance in the Uneamed Revenue T-account and the additional neamed revenue in the Service Revenue T-account 3. Compare the ending balances of the T-accounts under both approaches. Are they the same? Print Done