Unearned Revenue

Unearned revenues occur anytime you receive money in advance of earning it. Then, over time, the unearned revenues are earned as you provide services or a product to the customer.

Scenario:
Mythical received $1,200 in advance from a customer on October 1, 2003. The money was paid for advertising services that Mythical will provide equally over a six-month period. The money was recorded correctly when received. No other adjustments have been made.

When the money was received, what type of account would have been credited?
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