On January 1,Unearned Revenue of Grossman Company Had a Beginning

True/False

On January 1,Unearned Revenue of Grossman Company had a beginning balance of $1,400.During January,the company earned $700 of the deferred revenue.The company also collected $4,000 from a new customer for services to be performed the following month.At the end of January,the Unearned Revenue account should have a balance of $4,000.