On December 31, 2014, the Balance in Pinnacle Exploration Company's

Multiple Choice

On December 31, 2014, the balance in Pinnacle Exploration Company's Unearned Revenue account was a credit of $8,000. In January, 2015, the company received an advance payment of $14,000 from a new customer for services to be performed. By January 31, adjustments had been made to recognize $7,000 of the revenue which had been earned during January. What was the balance in Unearned Revenue on January 31, 2015?

A) $7,000 credit
B) $14,000 debit
C) $8,000 credit
D) $15,000 credit