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A retail store received cash and issued gift certificates that are redeemable in merchandise. How would the deferred revenue account be affected by the redemption and non-redemption of certificates, respectively? Decrease; No effect Decrease; Decrease No effect; No effect No effect; Decrease

A retail store received cash and issued gift certificates that are redeemable in merchandise. How would the deferred revenue account be affected by the redemption and non-redemption of certificates, respectively? Decrease; No effect Decrease; Decrease No effect; No effect No effect; Decrease

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 retail store received cash and issued gift certificates that are redeemable in merchandise. How would the deferred revenue account be affected by the redemption and non-redemption of certificates, respectively? * Decrease; No effect Decrease; Decrease No effect; No effect No effect; Decrease
Transcribed Image Text:A retail store received cash and issued gift certificates that are redeemable in merchandise. How would the deferred revenue account be affected by the redemption and non-redemption of certificates, respectively? * Decrease; No effect Decrease; Decrease No effect; No effect No effect; Decrease
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