Melrose Milk Delivery provides weekly gourmet milk delivery to the residents of Nicetown. Melrose charges each customer $45 per week for its milk delivery, and it received advance payments for 2,000 weeks of milk delivery services in 2019. At December 31, 2019, two-thirds of the advance payments had been earned.
Required:
After the adjustments are recorded and posted at December 31, 2019, calculate what the balances will be in the Unearned Revenue and Revenue accounts?