Adjusting entry
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A company on accrual basis, receives a 20% Commission on sales. WyCo signs up and pays in advance $7000, which gets credit to Unearned revenue. If at the end of the year the company has achieved $25,000 in sales, what adjusting entry will I record?
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Solution Summary
The solution explains the adjusting entry for unearned revenue.
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The income earned for 25,000 of sales is 25,000X20%=5,000. The balance amount would ...
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