On September 1, 2021, Gold Gaming sold 400 one-year subscriptions to its online gaming website for $90 each. The total amount received was credited to Deferred Revenue

On September 1, 2021, Gold Gaming sold 400 one-year subscriptions to its online gaming website for $90 each. The total amount received was credited to Deferred Revenue. What would be the required adjusting entry at December 31, 2021?

A) Debit Deferred Revenue and credit Service Revenue for $36,000.

B) Debit Service Revenue and credit Deferred Revenue for $24,000.

C) Debit Deferred Revenue and credit Service Revenue for $24,000.

D) Debit Deferred Revenue and credit Service Revenue for $12,000.

Answer: D