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Understanding Unearned Revenue: What It Represents in Accounting Transactions
Freshwater Ltd recorded the following journal entry on 2 March 2020: Cash 6000 Unearned revenue 6000 From the journal entry above, identify the transaction on 2 March 2020. Group of answer choices Freshwater sold goods for $6000 cash. Freshwater received $6000 for services to be performed in a later period. Freshwater purchased goods worth $6000 and signed a one-year bill for the same. Freshwater paid $6000 for services to be received at a later date.

Freshwater received $6000 for services to be performed in a later period.