On January 1, 20X1 CleanCo credited Revenue for a $4,000 prepayment it received from a customer for

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On January 1, 20X1 CleanCo credited Revenue for a $4,000 prepayment it received from a customer for maintenance services to be provided over the next two years. If Revenue is not adjusted as of December 31, 20X1.....

(a) assets will be overstated by $2,000

(b) net income will be understated by $2,000

(d) retained earnings will be understated by $2,000

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Accounting Texts and Cases

ISBN: 978-1259097126

13th edition

Authors: Robert Anthony, David Hawkins, Kenneth Merchant

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Posted Date: Aug 26, 2020 02:32 PM

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On January 1, 20X1 CleanCo credited Revenue for a $4,000 prepayment it received from a customer for

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journal Entries Debit Credit Cash 4000 Revenue 4000 Revenue 2000 Unearned revenue ... View the full answer

Accounting Texts and Cases

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