On December 31, 2018 the balance in Energy Exploration Company's Unearned Revenue account was a credit of $10,000. In January, 2019, the company received an advance payment of $11,000 from a new customer for services to be performed. By January 31, adjustments were made to recognize $6,000 of the revenue that had been earned during January. What was the balance in Unearned Revenue on January 31, 2019?

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The balance in Unearned Revenue on January 31, 2019, is a credit of $15,000. This is calculated by adding the beginning balance of $10,000 to the new advance payment of $11,000, totaling $21,000, and then subtracting the $6,000 of revenue that was recognized (earned) during January, resulting in a remaining unearned revenue balance of $15,000.

On December 31, 2018 the Balance in Energy Exploration Company's