On October 1, the company receives $13,200 from a customer for a one-year property insurance policy. Deferred Revenue is credited on October 1st when they receive the cash.

Record the associated adjusting entries for the end of the year, on December 31st, what amount needs to be adjusted on the deferred revenue account and how:

You would debit ______ for$_______ and you would credit______ for$ _______

Options to select for debit and credit are the same and your options are below.

Cash

Accounts receivable

Deferred revenue

Service revenue

Deferred expense

Prepaid assets