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Your calendar year company, which is on the accrual basis, receives a 10% commission on sales. When JenCo signs up it pays you $5,000 in advance, which you credit to Unearned Revenue. If, at the year end, your firm has achieved $20,000, what adjusting entry do you record

Revenue 2,000 Unearned Revenue 2,000

Cash 2,000 Revenue 2,000

Unearned Revenue 2,000 Revenue 2,000

Unearned Revenue 500 Revenue 500

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Finance 2 Months Ago 6 Views
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