Question: Question Mode Multiple Choice Question Robbie Inc. estimated that it will receive $60,000 of consideration for providing services to Stan Company over a 6-month period.

Question Mode

Multiple Choice Question

Robbie Inc. estimated that it will receive $60,000 of consideration for providing services to Stan Company over a 6-month period. Robbie properly accrues $10,000 each month; after three months, Robbie estimates that the total consideration it will receive is only $25,000. When the estimate change is determined, the company should debit Blank______ and credit Blank______ for Blank______.

Multiple choice question.

service revenue; contract receivable; $17,500

contract receivable; deferred revenue; $10,000

deferred revenue; contract receivable; $10,000

contract receivable; service revenue; $5,000

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