I need the answer for 9 only Use the following to answer questions 9 - 10On November 1st,thecompanyreceived a $50,000payment from a customer for services to be renderedevenly over the next five months. Deferred Revenue wascredited on November 1st and no other entries regardingthis transaction were made until December 31st.9. $recorded on December 31st, determine the endingAfter the adjusting entry has beenbalance in the deferred revenue account that should berecorded on the December 31st Balance Sheet.After the adjusting entry has beenrecorded on December 31st, determine the amount ofservice revenue that should be recognized for this10. $customer on the annual income statement on December31st.

Answered: On November 1s*, the company received a…

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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I need the answer for 9 only

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Payments collected in advance for goods or services that will be supplied or performed in the future are referred to as deferred revenue, also known as unearned income. The corporation that receives the prepayment records the amount as deferred revenue, a liability, on its balance sheet.

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