Use the information above to answer the following question.The journal entry to record this transaction would include the receipt of cash on November 1 a credit to:
A) Cash
B) Unearned Revenue
C) Dance Lessons Revenue
D) Dance Lessons Payable

Question

Quizplus · Accepted Answer

The receipt of cash for services to be provided in the future is recorded as a credit to Unearned Revenue, indicating a liability to provide the service.

Use the Information Above to Answer the Following Question