At January 1,Smith Has a Beginning Balance in Unearned Revenue

question 145

True/False

At January 1,Smith has a beginning balance in Unearned revenue of $1,000.During January,he earns $800 of that amount.He also collects $4,000 from a new customer for services to be rendered the following month.As of the end of January,the Unearned revenue account had a balance of $4,800.

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Definitions:

Economic Deprivation

Is a condition where individuals or communities lack the financial resources to meet basic needs such as food, shelter, and healthcare.

Racism

Prejudice, discrimination, or antagonism directed against someone of a different race based on the belief that one's own race is superior.

Ethically

Pertains to or dealing with morals or the principles of morality; pertaining to right and wrong in conduct.

Addiction Theory

The study of the psychological, biological, and social factors that contribute to the development, continuation, and recovery of addictive behaviors.