S 3-11 (Algo) Adjusting for unearned (deferred) revenues LO P2 For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. Prev Question 6 of 11 Total 6 of 11 Visit question mapNext