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On 8/1/17, Foles Landscaping received a $15,000 advance cash payment from a customer for property maintenance services covering the period from 8/1/17 to 1/31/18. Foles
On 8/1/17, Foles Landscaping received a $15,000 advance cash payment from a customer for property maintenance services covering the period from 8/1/17 to 1/31/18. Foles pays its employees 50% of revenues that are contracted to customers in the month after services are provided. For the payment received above, Foles 12/31/17 financial statements should include which of the following related to the 8/1 payment (Foles prepares financial statement annually) OUnearned Revenue of $2,500 on the Balance Sheet Compensation Expense of $1,250 on the Income Statement Revenue of $15.000 on the Income Statement Wages Payable of $7,500 on the Balance Sheet
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