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A department store received cash and issued gift certificates redeemable in merchandise. When the gift certificates were issued * Revenue account should be increased Deferred revenue account should be increased Deferred revenue account should be decreased Revenue account should be decreased

A department store received cash and issued gift certificates redeemable in merchandise. When the gift certificates were issued * Revenue account should be increased Deferred revenue account should be increased Deferred revenue account should be decreased Revenue account should be decreased

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A department store received cash and issued gift certificates redeemable in merchandise. When the gift certificates were issued * O Revenue account should be increased Deferred revenue account should be increased Deferred revenue account should be decreased Revenue account should be decreased
Transcribed Image Text:A department store received cash and issued gift certificates redeemable in merchandise. When the gift certificates were issued * O Revenue account should be increased Deferred revenue account should be increased Deferred revenue account should be decreased Revenue account should be decreased
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