Jarvis Company Requires Prepayment from All Customers

question 20

True/False

Jarvis Company requires prepayment from all customers. Jarvis Company reported revenue of $248,000 on its 2013 income statement. The balance in its Unearned Revenue account was $12,000 at the start of 2013 and $4,000 at the end of the year. Based on this information alone, the amount of cash that Jarvis collected from customers for 2013 was $240,000.

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