Advanced collections from customers prior to the performance obligation being satisfied is accounted as what account? As a deposit reported as an asset on the balance sheet A liability reported on the balance sheet Revenue reported on the income statement Deferred revenue reported as comprehensive income Question 12 10 pts Acme Inc., issues 5% $100,000 3-year bonds on January 1, 2021 with interest paid on June 30 and December 31. The bonds are sold on January 1, 2021. The market rate for comparable bonds is 6%. What accounts are debited and credited to record the sale of the bonds by the bond issuer? Debit Cash: Credit Discount on Bonds Payable; Credit Bonds Payable Debit Cash: Debit Discount on bonds payable; Credit Bonds Payable Debit Bonds Receivable; Credit Cash Debit Cash; Credit Bonds Payable