Business, 14.09.2021 14:40 monserratmendezca20
On December 1, 2021, ABC Company received a $6,000 payment from a customer for a series of guided ice fishing expeditions that will occur on December 28 2021, January 7 2022 and January 13 2022 (there was a $2,000 advance payment for each expedition). Upon receipt of the deposit, ABC recorded the following journal entry: 12/1/2021. To record Advance payment for December and January expeditions Dr. Cash 6,000 Cr. Deferred service revenue 6,000.
Required:
Assume ABC Company uses accrual-basis accounting. What adjusting entry is required at the year-end of December 31, 2021, if any?
Answers: 2
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On December 1, 2021, ABC Company received a $6,000 payment from a customer for a series of guided ic...
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