Use the following to answer questions $9-10$

On November $1^{st},$ the company received a $$60,000$ payment from a

customer for services to be rendered evenly over the next six

months. Deferred Revenue was credited on November $1^{st}$ and no

other entries regarding this transaction were made until December

$31$ st$.$

$,$ After the adjusting entry has been recorded on

December ${31}^{st},$ determine the ending balance in the deferred

revenue account that should be recorded on the December ${31}^{st}$

Balance Sheet.

$

After the adjusting entry has been recorded on

December ${31}^{st},$ determine the amount of service revenue that

should be recognized for this customer on the annual income

statement on December $31$st$.$