Assume a company receives an advance payment on 10-1 from a customer in the amount...
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Accounting
Assume a company receives an advance payment on 10-1 from a customer in the amount of $6,000 for work to be done evenly over the next 12 months. Record the TRANSACTION and ADJUSTING ENTRIES on 10-1 and 12-31 respectively Use the regular and the alternative approaches. Alternative Approach 10-1: DR: DR: CR: CR: 12-31: DR: DR: CR: CR: "T" Accounts Unearned Service Revenue Unearned Service Revenue Service Revenue Service Revenue
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