On June 1, Year 1, Jack Associates collected $48,000 cash fo…
On June 1, Year 1, Jack Associates collected $48,000 cash for consulting services to be provided for one year beginning immediately. Based on this information, which of the following shows how the required adjustment on December 31, Year 1, would affect Jack’s balance sheet? Balance SheetAssets=Liabilities+Stockholders’ EquityCash+Prepaid Rent=Unearned Revenue+Common Stock+Retained EarningsA. + =(28,000)+ +28,000B. + =20,000+ +(20,000)C. + =(20,000)+ +20,000D. + =28,000+ +(28,000)