They gave the customer a discount for purchasing an AC unit as well as a service plan for 2 years, so the total revenue collected was only $50,000. The customer agreed to pay $48,000 for the AC unit and installation on January 1st. In addition, they agreed to pay $1,000 at the end of 2021 and $1,000 at the end of 2022 for the service plan maintenanc. Provide an adjusting journel entry

They gave the customer a discount for purchasing an AC unit as well as a service plan for 2 years, so the total revenue collected was only $50,000. The customer agreed to pay $48,000 for the AC unit and installation on January 1st. In addition, they agreed to pay $1,000 at the end of 2021 and $1,000 at the end of 2022 for the service plan maintenanc. Provide an adjusting journel entry

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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