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H3Ko H3Ko
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7 years ago
Sierra Event Planning Services, Inc. records deferred expenses and deferred revenues using alternative treatments. It makes adjusting entries as needed to bring its books to the full accrual basis once a year at the end of the year. On December 15, it collected $1,000 from a customer in advance for a series of events that will start late December and end in March. At the end of the year, it had performed approximately 10% of the services for its customer. The adjusting entry on December 31 will include a debit to Service Revenue for $900.
A) True
B) False
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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