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Problem 2 On March 1, 2017 a company received a payment from a customer for $100,000. The payment represented prepayment for repair services for the
Problem 2 On March 1, 2017 a company received a payment from a customer for $100,000. The payment represented prepayment for repair services for the next 3 years. The company recorded this is as repair service revenue on March 1, 2017 and made no adjustments related to this payment. In early 2019, after the 2018 financial statements had been issued, the company learned of the error. Prepare the journal entry to make a prior period adjustment for this error. Show your work for partial credit
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