An insurance company received advance payments of $12,000 from clients during the current year. At December 31, $10,000 of the advance payments still had not been earned. After the adjustments are recorded and posted at December 31, what will the balances be in the unearned insurance revenue and insurance revenue accounts? unearned insurance revenue: $10,000; insurance revenue: $2,000 unearned insurance revenue: $10,000; insurance revenue: $12,000 unearned insurance revenue: $0; insurance revenue: $12,000 unearned insurance revenue: $2,000; insurance revenue: $10,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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An insurance company received advance payments of $12,000 from clients during the current year. At December 31, $10,000 of the advance payments still had not been earned. After the adjustments are recorded and posted at December 31, what will the balances be in the unearned insurance revenue and insurance revenue accounts?

unearned insurance revenue: $10,000; insurance revenue: $2,000

unearned insurance revenue: $10,000; insurance revenue: $12,000

unearned insurance revenue: $0; insurance revenue: $12,000

unearned insurance revenue: $2,000; insurance revenue: $10,000

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