On 12/31/24, the Cheboygan Company collected $4,000 of Unearmed Revenue and recorded the entire amount as...

 

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On 12/31/24, the Cheboygan Company collected $4,000 of Unearmed Revenue and recorded the entire amount as Revenue The eaming covered the period 1/1/25 to 12/31/29, on a straight-line basis. The error was discovered on 1/10/28, the 2027 books are still open. The correcting journal entry will include what entry to 1/1/27 Retained Earnings? Select one O a. $2,000 debit O b $1,600 credit Oc $2.400 credit Od S2400 debit Oe $1,600 debit On 12/31/24, the Cheboygan Company collected $4,000 of Unearmed Revenue and recorded the entire amount as Revenue The eaming covered the period 1/1/25 to 12/31/29, on a straight-line basis. The error was discovered on 1/10/28, the 2027 books are still open. The correcting journal entry will include what entry to 1/1/27 Retained Earnings? Select one O a. $2,000 debit O b $1,600 credit Oc $2.400 credit Od S2400 debit Oe $1,600 debit

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