Charter Services sells a service plan for commercial computer maintenance. The price is $1,200 per year, paid in advance. On December 1, 2013, Charter sells a service plan to a new customer for cash. Please provide the journal entry to record this transaction.
Definitions:
Myxedema
A severe type of hypothyroidism that is most common in women older than 50.
Thyroid Gland
An endocrine gland in the neck that produces hormones regulating the body's metabolic rate as well as heart and digestive function, muscle control, brain development, and bone maintenance.
Thyroid Hormones
Chemical substances produced by the thyroid gland; important in regulating the body's metabolism, energy production, and overall physiological functions.
Adequate Amounts
Sufficient quantities to meet a specific requirement or need.
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