Sugar, Inc. made an adjusting entry on December 31 to record $580 of revenues earned but not yet collected. Which of the following describes the adjusting entry?
A. Accounts Receivable should be increased by $580 and Deferred Revenue should be increased by $580.
B. Accounts Receivable should be increased by $580 and Sales Revenue should be increased by $580.
C. Cash should be decreased by $580 and Sales Revenue should be increased by $580.
D. Deferred Revenue should be increased by $580 and Sales Revenue should be decreased by $580.
Answer: B
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