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On April 1, 2023, Nicky LLC, sells a two year cloud software subscription to Moose, Inc. for $30,000 cash. Moose pays the entire amount
On April 1, 2023, Nicky LLC, sells a two year cloud software subscription to Moose, Inc. for $30,000 cash. Moose pays the entire amount up front. Both Nicky and Moose use accrual accounting. What is the balance in Nicky's Unearned Revenue account as of April 30, 2023? How much revenue will Nicky LLC recognize in 2023? What will Nicky's Unearned Revenue balance be on December 31, 2023? What is the balance in Moose's Prepaid Expense account on May 31, 2023? How much expense will Moose recognize in 2024? What is the balance in Moose's Prepaid Expense account as of February 28, 2025?
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Advanced Financial Accounting
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay
6th edition
013703038X, 978-0137030385
