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On December 15,Duncan Services,Inc.collected revenue of $3,000 in advance from a new client,and agreed to provide services to the client for the period of December 15 through January 15 of the following year.Assume that the company records deferred revenues using the alternative treatment,and journalize the adjusting entry recorded on December 31.
Fixed Terms
Contracts or agreements that are set for a specific, unchangeable duration of time, specifying start and end dates.
FTC Act
The Federal Trade Commission Act, a law established to prevent unfair business practices and protect consumers by promoting competition.
Deceptive Omissions
The act of intentionally withholding or concealing important information, leading to misrepresentation or fraud.
Exaggerated Sales Talk
Promotional statements and claims that stretch the truth or embellish the virtues of a product or service beyond reasonable limits.
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