Question
An accounting firm receives $20,000 upfront to prepare tax returns in the future. What entry should be recorded? a. Debit A/R; Credit Deferred revenue b.
An accounting firm receives $20,000 upfront to prepare tax returns in the future. What entry should be recorded?
a. Debit A/R; Credit Deferred revenue
b. Debit A/R; Credit Revenue
c. Debit Deferred revenue ; Credit Cash
d. Debit Revenue; Credit A/R
e. Debit Cash; Credit Deferred revenue
f. Debit Revenue; Credit Cash
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Internal Audit Efficiency Through Automation
Authors: David Coderre
1st Edition
0470392428, 978-0470392423
