A transaction has been recorded in the T-accounts of Gibbs Company as follows: Unearned Revenue 1,500 1,500 Which of the following could be an explanation for this transaction? Cash Multiple Choice Gibbs has provided services to a customer on account. Gibbs has received cash for service to be provided in the future. Cash has been paid out to a company that will provide future services to Gibbs Company. Gibbs has completed services for which they had earlier received cash in advance.

A transaction has been recorded in the T-accounts of Gibbs Company as follows: Unearned Revenue 1,500 1,500 Which of the following could be an explanation for this transaction? Cash Multiple Choice Gibbs has provided services to a customer on account. Gibbs has received cash for service to be provided in the future. Cash has been paid out to a company that will provide future services to Gibbs Company. Gibbs has completed services for which they had earlier received cash in advance.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 35MC: Unearned service revenue occurs when which of the following occurs? A. company receives cash from a...

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