On January 1, Unearned Revenue of Grossman, Inc. had a begin

On January 1, Unearned Revenue of Grossman, Inc. had a beginning balance of $1,400. During January, the company earned $700 of the deferred revenue. The company also collected $6,000 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 $6,000.
Indicate whether the statement is true or false

ANSWER

FALSE .Unearned Revenue = $1,400 – $700 + $6,000 = $6,700