A Company Realizes That the Last Two Day's Revenue for the Month

question 70

True/False

A company realizes that the last two day's revenue for the month was billed but not recorded. The adjusting entry on December 31 is debit Accounts Receivable and credit Fees Earned.

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Definitions:

Unearned Revenue

Money received by a company for goods or services yet to be delivered or performed, representing a liability until the obligation is fulfilled.

Quarterly Journals

Quarterly journals are publications that come out four times a year, offering articles, research, and updates on specific field of interests.

Advance Subscription Sales

Revenue received from customers for subscriptions that have been paid for in advance but the services have not yet been delivered.

Company Mails

Refers to the official correspondences, both electronic and physical, distributed within or from a company.