On November 1, 2023, Freya Albatters orthodontic office received a $2,500 prepayment from a client for dental
Question:
On November 1, 2023, Freya Albatter’s orthodontic office received a $2,500 prepayment from a client for dental work to be performed on November 22. The appointment got postponed until January 15, 2024. Prepare the journal entries for November 1, the December 31 year end, and the January 15 appointment dates. Assume that the prepayment was recorded as a revenue because, at that time, it was assumed the work would be performed within the month.
Step by Step Answer:
November 1 2023 Cash 2500 Unearned Revenue 2500 Received prepayment for dental work to be ...View the full answer
Horngrens Accounting Volume 1
ISBN: 9780136889373
12th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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