Beetles, Inc. recorded the following journal entry on March

Beetles, Inc. recorded the following journal entry on March 2, 2016.

Cash 4,500
Unearned Revenue 4,500

From the journal entry above, identify the transaction on March 2, 2016.

A) Beetles purchased goods worth $4,500 and signed a one-year note for the same.
B) Beetles sold goods for $4,500 cash.
C) Beetles received $4,500 for services to be performed in a later period.
D) Beetles paid $4,500 for services to be received at a later date.

ANSWER

C