I need help interpreting the following word problem. It is because I need to make the...
I need help interpreting the following word problem. It is because I need to make the correct adjusting journal entry in a general journal.
On 12/23/17, Peyton received $1,000 deposit from Pet Globe for product to be shipped by Peyton in the second week of January.
Homework Answers
Advance is being received from Pet Globe for the sales to be made in second week of January. Therefore a liabilty of "Advance from customers" should be created against the deposits ($ 1,000) received.
| Date | General Journal | Debit | Credit |
| 12/23/17 | Bank | $ 1,000 | |
| Advance from customers | $ 1,000 |
(To record adjustment of Advance from customer)
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