On November 1, 2020, Race Car Repairs collected $12,000 from a customer for services to be provided
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On November 1, 2020, Race Car Repairs collected $12,000 from a customer for services to be provided in the future. On December 31, 2020, Race Car Repairs’ year-end, it was determined that $3,000 of the services had not been provided (unearned).
a. Record the journal entry on November 1, 2020.
b. How much revenue was earned as of December 31, 2020?
c. To prepare the 2020 annual financial statements, record the adjusting entry for December 31, 2020.
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2020 a Nov 1 Cash 12000 Unearned Revenue 12000 To ...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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