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On May 1 , its first month of business, Squid Roe, Inc., recorded the receipt of $900 in advance for services to be performed over
On May 1 , its first month of business, Squid Roe, Inc., recorded the receipt of $900 in advance for services to be performed over the three months as Deferred Revenue. Record the May 31 adjusting entry to recognize the first month of revenue earned. (Select all that apply.) debit Cash $900 debit Deferred Revenue $300 credit Cash $300 debit Accounts Receivable $900 debit Revenue $300 credit Deferred Revenue $300 credit Revenue $300 credit Deferred Revenue $900 Curl Up \& Dye, Inc. began May with $200 of supplies. It purchased $520 of supplies on account during May. It paid $440 of the amount it owed for its supplies in May. At May 31 , it only had $270 of supplies left. Supplies Expense for the month ended May 31 equals
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