On January 1, a customer paid X Company $29,700 in advance for cleaning services. The cleaning was going to be done once in January, once in February, once in March, and once in April. What will be the result of X Company's adjusting entry on January 31?

a $7,425 increase in Cash on the Balance Sheet a $7,425 decrease in Retained Earnings on the Balance Sheet a $7,425 decrease in Cash on the Balance Sheet a balance of $7,425 in Deferred Revenue on the Balance Sheet revenue of $7,425 reported on the Income Statement a $7,425 increase in Deferred Revenue on the Balance Sheet

On January 1, a customer paid X Company $29,700 in advance for cleaning services. The cleaning was going to be done once in January, once in February, once in March, and once in April. What will be the result of X Company's adjusting entry on January 31? a $7,425 increase in Cash on the Balance Sheet a $7,425 decrease in Retained Earnings on the Balance Sheet a $7,425 decrease in Cash on the Balance Sheet a balance of $7,425 in Deferred Revenue on the Balance Sheet revenue of $7,425 reported on the Income Statement a $7,425 increase in Deferred Revenue on the Balance Sheet Submit Answer Tries 0/99