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On November 1, 2020, J&J Inc. received $12,000 from a customer for services to be...

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Accounting

On November 1, 2020, J&J Inc. received $12,000 from a customer for services to be performed evenly over the period November 1, 2020 January 31, 2021. What adjusting entry should J&J record on December 31, 2020? Assume that no other adjusting entries have been recorded yet this year.

Multiple Choice

  • dr. Cash: 12,000

    cr. Service revenue: 12,000

  • dr. Service revenue: 12,000

    cr. Cash: 12,000

  • dr. Deferred service revenue: 8,000

    cr. Service revenue: 8000

  • dr. Cash: 8,000

    cr. Deferred service revenue: 8.000

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