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Adjusting entries
Adjusting entries itself isn't a problem for me but, what makes it hard is the analysis of information. Like this one...
(I won't put the whole problem because it's so long.) Calypso has currently two clients which both pay in advance for services. However, client 1's transactions are accounted using the LIABILITY METHOD while the second (client 2), the REVENUE METHOD. And now, the question is... What do liability and revenue method mean? In adjusting the entry, what should I credit and debit for this problem? Thanks in advance! |
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