The Upton Company reported a beginning balance of $1,600 and an ending balance of $2,200 in its unearned revenue accountUnearned Revenue account for 2014Year 2.During the year,$8,000 of revenue was recognized.Based on this information,how much cash was received from customers?
A) $8,000
B) $8,600
C) $8,200
D) $9,000

Question

Quizplus · Accepted Answer

Beginning balance + Cash received from customers - Revenue recognized = Ending balance
$1,600 + Cash received from customers - $8,000 = $2,200
Cash inflow from customers = $2,200 - $1,600 + $8,000 = $8,600

The Upton Company Reported a Beginning Balance of $1,600 and an Ending