Question

When a product or service is delivered for which a customer advance has been previously received, the appropriate journal entry includes:A debit to a revenue and a credit to an asset account.A debit to an asset and a credit to a revenue account.A debit to a liability and a credit to a revenue account.A debit to a revenue and a credit to a liability account.

Answer 1

Answer:

Explanation:

According to my research on different financial terminology, I can say that based on the information provided within the question the appropriate journal entry would include a debit to a liability and a credit to a revenue account. This must be included otherwise the journal entry will state the sale of the product or service as being made twice, which will cause errors in the financial statements.

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