An advance payment of $1.000 for services was received on December 1 and was recorded as...
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An advance payment of $1.000 for services was received on December 1 and was recorded as a liability. By the end of the year, $400 had been earned. Demonstrate what the correct adjusting entry should include by choosing the correct statement below. O Debit Service revenue for $40. Debit Unearned revenues for $400 O Debit Unearned revenues for $600, O Credit Unearned revenues for $400. An advance payment of $1.000 for services was received on December 1 and was recorded as a liability. By the end of the year, $400 had been earned. Demonstrate what the correct adjusting entry should include by choosing the correct statement below. O Debit Service revenue for $40. Debit Unearned revenues for $400 O Debit Unearned revenues for $600, O Credit Unearned revenues for $400.
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Answer rating: 100% (QA)
Solution Debit unearned revenues for 400 Explanation Firstly when we receive ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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