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please show all steps so I fully understand how to solve. Thank you Knight Company began operations on statements. It has the following partial unadjusted
please show all steps so I fully understand how to solve. Thank you
Knight Company began operations on statements. It has the following partial unadjusted trial balance at July 31, 20x5: July 1, 20x5 and prepares monthly financial Debit Credit Prepaid Insurance $6,000 Unearned Service Revenue $2840 The balance in the unearmed service fees account represents a cash payment made by a customer in July 20x5. At July 31, 20x5, Knight Company had earned $1134 of the service fees. Which of the following would be the correct adjusting journal entry at July 31, 20x5 with respect to this payment? Select one: a. Debit Unearned Service Revenue $1706 and Credit Service Revenue $1706 Ob. Debit Unearned Sevice Revenue $1134 and Credit Service Revenue $1134 c. Debit Cash $1134 and Credit Service Revenue S1134 d. Debit Service Revenue S1706 and Credit Unearned Service Revenue $1706Step by Step Solution
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