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