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Stone Works is a paving stone installation business that operates from about April to October each year. The company has an outstanding reputation for the
Stone Works is a paving stone installation business that operates from about April to October each year. The company has an outstanding reputation for the quality of its work and as a result prebooks customers a full year in advance. Customers must pay at the time of booking and the balance on the completion date of the job. Stone Works records the cash advance received from customers in the Unearned Revenues account. The December balance sheet shows Unearned Revenues totalling $ During $ of cash was collected in total from customers: $ regarding work completed during the year for customers who paid down in and the balance representing the prepayments for work to be done in
Required:
Prepare the entry to record the collection of cash in Do not round intermediate calculations. Round the final answers to the nearest whole dollar amount.
Determine the balance in Unearned Revenue at December Round the final answer to the nearest whole dollar amount.
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