Barker, Inc. receives subscription payments for annual (one year) subscriptions to its magazine. Payments are recorded as revenue when received. Amounts received but unearned at the end of each of the last three years are shown below:

Barker failed to record the unearned revenues in each of the three years. Which entry is needed in 2002 to correct the above errors?
A.
Retained Earnings ......... $150,000
Subscription Revenues ...... $ 26,000
Unearned revenues .............. $176,000

B.
Retained Earnings .......... $30,000
Subscription Revenues ......... $26,000
Unearned revenues ...............$56,000

C.
Subscription Revenues .........$176,000
Unearned revenues ...............$176,000

D.
Subscription Revenues ......... $150,000
Retained Earnings ........... $ 26,000
Unearned revenues..................$176,000

2000 2001 2002 Uneamed revenues $120,000 S150,000 S176,000