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Raylan received a $60,000 cash advance payment on June 1, 2016, for consulting services to be performed in the future. Services were to be provided

Raylan received a $60,000 cash advance payment on June 1, 2016, for consulting services to be performed in the future. Services were to be provided for a one-year term beginning June 1, 2016.

Required

a.&b.
Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, 2016. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.)

cash

unearned revenue

service revenue

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