If $1,560 Deferred Revenue was earned in January and recorded as Service Revenue, what was the balance in Deferred Revenue at January 1? Assume there were no other transactions that affected Deferred Revenue during January because no customers paid the company anything in advance during the month of January. (Hint: Prepare the January entries for this transaction, post to the Deferred Revenue T account, and work backward to determine the opening balance.)

A partial adjusted trial balance follows for Swifty Ltd. at January 31, 2024. The company's fiscal year end is December 31 and it makes adjustments monthly. It has already recorded any required adjusting journal entries for the month of January and the amounts shown below are correct