On April 1, 2009 Green Company received an advance payment of $60,000 from a customer. The payment was for five months of services Green would perform for the customer at the rate of $12,000 per month. Green started providing the service on April 1, 2009.

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On April 1, 2009
Green Company received an advance payment of $60,000 from a customer. The payment was for five months of services Green would perform for the customer at the rate of $12,000 per month. Green started providing the service on April 1, 2009. On April 1, 2009 Green made an entry in its accounting system debiting Cash for $60,000 and crediting Unearned Service Revenue for $60,000. This is the only entry that has been made related to this transaction. Select the adjusting entry Green should make prior to preparing financial statements on April 30, 2009.

E. None of the above