Question: This question is based upon the previous information as follows: On January 1, Eastern College received $1,200,000 from its students for the spring semester that

This question is based upon the previous information as follows: On January 1, Eastern College received $1,200,000 from its students for the spring semester that it recorded in Unearned Tuition and Fees (liability account). The term spans four months beginning on January 1 through April 30 and the college spreads the revenue evenly over the months of the term. Assuming the college prepares adjustments monthly, what is the journal entry prepared to record the revenue at January 31?

Group of answer choices

1)Credit Unearned Tuition and Fees and debit the Earned Tuition and Fees account

2)Debit Unearned Tuition and Fees and credit the Earned Tuition and Fees account

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