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Business

Accounting

what is the correcting entry for... receiving $7000 cash advance from a customer for future copying

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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Question

what is the correcting entry for... receiving $7000 cash advance from a customer for future copying

Expert Solution

Step 1

Deferred revenue, often recognized as unearned revenue, alludes to money received in advance for services or goods that will be supplied or executed in the future. The firm that collects the prepayment reports the sum on its balance sheet as deferred revenue, a liability.

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