On January 1, Unearned Revenue of Grossman, Inc. had a beginning balance of $1,400. During January, the company earned $700 of the deferred revenue. The company also collected $6,000 from a new customer for services to be performed the following month At the end of January, the Unearned Revenue account should have a balance of $6,000.
Indicate whether the statement is true or false
FALSE .Unearned Revenue = $1,400 - $700 + $6,000 = $6,700
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