Question 41 3.33 pts Indy Paint Co. is completing the accounting cycle for the year ended December 31, 2020. Indy Paint Co. only ma adjusting entries at the end of the year. On December 1, 2020, Indy Paint Co. agreed to provide daily delivery of paint for 3 months to a new paint store for a fixed fee of $12,000. The terms of the contract called for Indy Paint Co to provide the paint from December 1, 2020, to February 28, 2021. The paint store agreed to pay Indy Paint Co. $12,000 on February 28, 2021, when the contract is complete. Indy Paint Company Unadjusted Trial Balance December 31, 2020 Cash 12,400 Short Term Investments 14.050 Accounts Receivable 20,000 Merchandise Inventory 16,800 10,400 Supplies 25,000 Prepaid Rent 72.000 Prepaid Insurance Equipment 184,600 12.000 Equipment 184,600 Accumulated Depreciation Equipment 0 Unearned Sales Revenue 14,200 Accounts Payable 4,400 Salaries Payable 59,800 Interest Payable 0 Notes Payable 10,000 40,000 Common Stock 113.690 Retained Earnings 358,680 Sales Revenue 245.520 Cost of goods sold What adjusting entry did Indy Paint Company make related to this arrangement? 358680 Cost of goods sold 245,520 What adjusting entry did Indy Paint Company make related to this arrangement? 4.000 Accounts Receivable Sales Revenue 4,000 b. 8.000 Accounts Receivable Sales Revenue 8.000 c. Cash 12,000 Sales Revenue 12,000 d. 4,000 Unearned Revenue Sales Revenue 4,000 8,000 e. Unearned Revenue Sales Revenue 8,000