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Help Save & Exit Submit 2 7 At times, businesses require advance payments from customers that will be applied to the purchase price when goods
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At times, businesses require advance payments from customers that will be applied to the purchase price when goods are delivered or services provided. These customer advances represent:
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Revenue upon receipt of the advance payment.
Longterm assets until the product or service is provided.
A component of shareholders' equity.
Liabilities until the product or service is provided.
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