Question: . During 2 0 2 2 , Sigma Company earned service revenues amounting to $ 7 0 0 , 0 0 0 , of which

. During 2022, Sigma Company earned service revenues amounting to $700,000, of which
$630,000 was collected in cash; the balance will be collected in January 2023. The 2022
income statement of the company should report the following amount for service revenues
___A. $ 630,000.
___B. $ 700,000.
___C. $ 70,000.
___D. $1,330,000.
Explain how you arrived at your answer. _________________________________________
4. The owner of an office building should report rent collected in advance as a debit to cash and
a credit to
___A. a liability.
___B. an asset other than cash.
___C. a revenue.
___D. an expense.

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