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Net Security corporation received $60,000 in cash for a five (5) year IT service agreement on January 1, 2023. Since the company is relatively new, deferral and accrual balances are only adjusted at the end of each calendar year. Using this information, answer the following: 1. What is the unearned revenue on the unadjusted trial balance on December 31, 2023? (2 pts): 2. What is the annual amount of service revenue that Net Security should recognize? (2 pts) 3. What is the entry needed to adjust the unearned revenue account? (3 points) 4. What is the amount of unearned revenue on the adjusted trial balance on December 31, 2023? (2 points)

Net Security corporation received $60,000 in cash for a five (5) year IT service agreement on January 1, 2023. Since the company is relatively new, deferral and accrual balances are only adjusted at the end of each calendar year. Using this information, answer the following: 1. What is the unearned revenue on the unadjusted trial balance on December 31, 2023? (2 pts): 2. What is the annual amount of service revenue that Net Security should recognize? (2 pts) 3. What is the entry needed to adjust the unearned revenue account? ( 3 points) 4. What is the amount of unearned revenue on the adjusted trial balance on December 31,2023 ? (2 points)

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