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Roberts Company has employed a bookkeeper who is inexperienced. On December 27, after reviewing the records for the year, you discover the following error. On
Roberts Company has employed a bookkeeper who is inexperienced. On December 27, after reviewing the records for the year, you discover the following error. On September 1, Roberts Company received $950 for services to be performed in the future. The bookkeeper recorded this by debiting Cash for $590 and crediting Service Revenue for $590. Note: Assume that it is the company's policy to record the receipt of revenue in advance of earning it in the Deferred Revenue account. Required: Prepare a correcting entry on December 27. Make sure to enter the day for each separate transaction. Date Account Title Debit Credit xo
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