On November 1, 2016, Bug Busters collected $6,000 in advance for three months of service to be provided beginning on that date. Bug credited unearned service revenue for $6,000. The books are adjusted only at year-end.
Required:
Prepare the adjusting entry required on December 31, 2016.
Correct Answer:
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($6,000 ÷ 3) = $2,0...View Answer
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