Beetles Inc $$\begin{array} { | c | r | r | } \hline\text {Cash} & 5,000 & \\\hline \text { Unearned Revenue } & & 5,000 \\\hline\end{array}$$

Multiple Choice

Beetles Inc. recorded the following journal entry on March 2, 2014: $$\begin{array} { | c | r | r | } \hline\text {Cash} & 5,000 & \\\hline \text { Unearned Revenue } & & 5,000 \\\hline\end{array}$$ From the journal entry above, identify the transaction on March 2, 2014.

A) Beetles purchased goods worth $5,000 and signed a one-year note for the same.
B) Beetles sold goods for $5,000 cash.
C) Beetles received $5,000 for services to be performed in a later period.
D) Beetles paid $5,000 for services to be received at a later date.