If a Painting Company Receives $80,000 in Advance for Services

Multiple Choice

If a painting company receives $80,000 in advance for services to be performed in both the present fiscal period and the following fiscal period, the best entry would be

A) debit Cash; credit Painting Revenue.
B) debit Cash; credit Accounts Payable.
C) debit Cash; credit Unearned Painting Revenue.
D) debit Cash; credit Other Income.
E) debit Painting Revenue; credit Unearned Painting Revenue.