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    achilla's Avatar
    achilla Posts: 3, Reputation: 1
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    #1

    Jul 22, 2012, 02:38 AM
    Need the adjusting Journal Entries of the following.
    On November 30, 2012, the end of fiscal year, the following information is available to enable you to prepare Edgar Detoya Company's adjusting entries:

    A. On September 1, the company completed negotiations with a client and accepted an advance of P168, 000 for services to be performed the next year. The P168, 000 was credited to unearned Service revenues

    B. The company calculated that as of November 30. It had earned P40, 000 on an P110,000 contract that would be completed and billed in January.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Jul 22, 2012, 04:09 AM
    Why is this an issue? The text makes it clear there is unearned icome
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