Homework Answers
When first payment of $250 is received from client before providing consulting services, it is the unearned revenue received.
Hence, following entry will be made for first transaction:
| Cash | $250 | |
| Unearned revenue | $250 |
First option is correct option.
Kindly comment if you need further assistance. Thanks‼!
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Credit
Cash
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Accounts Receivable
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Supplies
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Equipment
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Debit
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Accounts Receivable
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