On Dec 12, 2020, Ivory Coast, CGA, Received $ 5,000

Multiple Choice

On Dec 12, 2020, Ivory Coast, CGA, received $ 5,000 from a customer as an advance payment for accounting work to be done. The payment was credited to Service Revenue. Thirty percent of the work was performed in December 2020, with the rest to be done in January 2021, at which time the customer will be billed. The required adjusting entry at December 31, 2020 (year end) is

A) Dr. Unearned Revenue $ 1,500, Cr. Service Revenue $ 1,500.
B) Dr. Service Revenue $ 1,500, Cr. Unearned Revenue $ 1,500.
C) Dr. Service Revenue $ 3,500, Cr. Unearned Revenue $ 3,500.
D) Dr. Unearned Revenue $ 3,500, Cr. Service Revenue $ 3,500.