Answer:
Balance Sheet / Statement of Financial position is used to measure the current financial position of the company.
Explanation:
Balance Sheet / Statement of Financial position is used to measure the current financial position of the company. It shows the value of assets liabilities and capital invested in the company. It also provides the net financial value of the company after paying all the liabilities. On the other hand the Income statement or Statement of Financial performance shows the performance of the company in a specified period of time.
Answer:
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Explanation:
Answer:
(C) Debit Cash, credit Unearned Revenue.
Explanation:
The journal entry is shown below:
Cash A/c Dr $2,000,000
To Unearned revenue A/c $2,000,000
(Being the receipt of cash is recorded)
Since the cash is received so we debited the cash account as it increases the current assets and credited the unearned revenue account as it is a current liability account so the same is to be credited
Answer:
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Explanation:
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