On December 1, 2020, Buckeye Corporation signed a contract with a customer to provide 12 months of consulting service for $60,000 cash paid per month for a total of $720,000 over the year. On the same day, the customer paid $60,000 in cash, and Buckeye recorded the payment by debiting Cash for $60,000 and crediting Service Revenue for $60,000. Which of the following shows the correct adjusting journal entry Buckeye should make on December 31, 2020? Accounts Receivable Service Revenue $660,000 $660,000 O Cash Service Revenue $60,000 $60,000 No adjusting journal entry is needed. The accounts are all correct as of December 31, 2020 Unearned Service Revenue Service Revenue $60,000 $60,000 Previous Page