K At the beginning of the year, Select Advertising owed customers $2,100 for uneamed revenue collected in advance. During the year, Select received advance cash receipts of $7,500 and eamed $55,000 of service revenue (exclusive of any amount eamed from advance payments). At year-end, the lability for uneamed revenue is $3,100 and unadjusted service revenue is $55,000 Read the requirements Requirement 1. Record the adjusting entry assuming that Select 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 Uneamed Revenue T-account. Begin by recording the adjusting entry assuming that Select records uneamed revenue by initially crediting a lability account. (Recond debits first, then credits. Select the explanation on the last line of the journal entry) Date Accounts and Explanation Debit Credit