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Incorrect Question 8 0/0.5 pts Speedy Accounting Services agreed to perform services for a client at a rate of $4,000 per month. A six-month prepayment
Incorrect Question 8 0/0.5 pts Speedy Accounting Services agreed to perform services for a client at a rate of $4,000 per month. A six-month prepayment was made in advance on October 1, 2019 and services began on that date. December 31, 2019 is the end of Speedy's accounting year. What is the October 1, 2019 entry to record the prepayment? Dr. Cash 24,000 Cr. Unearned Revenue 24,000 Dr. Unearned Revenue 12,000 Cr. Service Revenue 12,000 Dr. Unearned Revenue 24,000 Cr. Cash 24,000 Dr. Cash 4,000 Cr. Unearned Revenue 4,000 Incorrect Question 9 0/0.5 pts Speedy Accounting Services agreed to perform services for a client at a rate of $4,000 per month. A six-month prepayment was made in advance on October 1, 2019 and services began on that date. December 31, 2019 is the end of Speedy's accounting year. What is the entry to make the necessary adjustment on December 31, 2019? (Speedy Accounting adjusts their books only at the end of the year.) Dr. Unearned Revenue 12,000 Cr. Service Revenue 12,000 Dr. Service Revenue 12,000 Cr. Unearned Revenue 12,000 Dr. Unearned Revenue 12,000 Cr. Cash 12,000 Dr. Unearned Revenue 4,000 Cr. Service Revenue 4,000
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