Question
If a company receives money in advance of performing a service, the journal entry to record the transaction a. credits prepaid services. b. credits accounts
If a company receives money in advance of performing a service, the journal entry to record the transaction a. credits prepaid services. b. credits accounts payable. c. credits unearned service revenue. d. credits accounts receivable. Assuming ( $ 500 ) was received in advance, prepare the appropriate journal entry. 
9. Ans. If a company receives money in advance of performing a service, the journal entry to record the transaction a. credits prepaid services. b. credits accounts payable. c. credits unearned service revenue. d. credits accounts receivable. Assuming $500 was received in advance, prepare the appropriate journal entry. (omit explanation/memo)
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
14th Edition
978-0273744535, 273744445, 273744534, 978-0273744443
