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    queen18's Avatar
    queen18 Posts: 1, Reputation: 1
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    #1

    Feb 2, 2009, 08:56 PM
    Preparing an adjustment entry
    How do I prepare an ajustment entry required of financial statements for the year ended on the date of Dec. 031 2008 when one third of the work related to 15000 dollars cash is received in advance I performed this period
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Feb 3, 2009, 08:11 AM

    1/3 of your unearned revenue was earned. So you need to do an adjusting entry for 1/3 of the $15,000.
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