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The accountant of Omega Consulting,Inc.failed to make an adjusting entry to record $6,000 for unearned service revenues that were earned before the end of the fiscal year.Assume the company initially recorded a liability.Which of the following statements is true?
Bank Deposit
Money placed into a banking institution for safekeeping, which can include savings accounts, checking accounts, and certificates of deposit.
Availability Delay
The lag time between when a deposit is made in a bank account and when the funds are available for use.
Bank Releases
Legal documents indicating that a bank has released its claim on assets, typically after a loan has been paid off.
Collection Time
The typical duration a company waits to collect payments from its clients following a sale.
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