When using the accrual basis of accounting: O Revenues are recognized when cash is collected O Each transaction of the company must include a revenue or expense account O Expenses are recognized when cash is paid O Revenue is recognized when services are performed or products are delivered. Question 13 Table 2 On March 1, Year 1, William Browning received $12,000 in advance for services to be provided over the next 24 months. The adjusting entry on December 31, Year 1, would include a: O Credit to service revenue for $10,000 O Debit to unearned revenue for $10,000 O Debit to cash for $12,000 O Debit to unearned revenue for $5,000