How are refundable deposits and customer advances similar? How do they differ?
Answer to relevant QuestionsHow do companies account for gift cards?Define a loss contingency. Provide three examples.After the end of the reporting period, a contingency comes into existence. Under what circumstances, if any, should the contingency be reported in the financial statements for the period ended?On December 12, 2011, Pace Electronics received $24,000 from a customer toward a cash sale of $240,000 of diodes to be completed on January 16, 2012. What journal entries should Pace record on December 12 and January 16?On November 1, 2011, Quantum Technology, a geothermal energy supplier, borrowed $16 million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short-term line of credit arrangement. ...
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