Question: | Problem 1-3 CATHY CO. requires advance payments for its products. The records of Cathy show the following: Unearned revenue, January 1, 2021 R600,000 Cash

| Problem 1-3 CATHY CO. requires advance payments for its products.

| Problem 1-3 CATHY CO. requires advance payments for its products. The records of Cathy show the following: Unearned revenue, January 1, 2021 R600,000 Cash received from advances during 2021 500,000 Advances applied to orders shipped in 2021 100,000 Advances applicable to orders cancelled in 2021 100,000 Required: 1. Compute for the amount to be reported as unearned revenue assuming the advance payments received are nonrefundable. (5 points) 2. Prepare the journal entries for the following transactions above: (2 points each) a. Cash received from advances during 2021 b. Advances applied to orders shipped in 2021 c. Advances applicable to orders cancelled in 2021

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