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Discuss how will the year 1 year-end adjustment recognize

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Reference no: EM132518179

Question 1: On Dec1 Jack received a $6000 cash advance for services for Dec, Jan, and Feb. How will the year 1 year-end adjustment recognize the partial expiration of the contract impact the elements of the financial statement model?

  1. Asset increase?
  2. Equity increase?
  3. Liabilities increase?

Reference no: EM132518179

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