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On January 10, 2023, XYZ Inc. received $12,000 from a customer in advance for services to be provided over the next 12 months. Record the
- On January 10, 2023, XYZ Inc. received $12,000 from a customer in advance for services to be provided over the next 12 months. Record the journal entry for the receipt of cash and the monthly adjusting entry for recognizing earned revenue. Explain how these transactions affect the financial statements.
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Fundamental financial accounting concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
8th edition
978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365
