Deferred Revenue Adjusting Entries Olney Cleaning Company had The following items that require adjustment at...
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Deferred Revenue Adjusting Entries Olney Cleaning Company had The following items that require adjustment at year-end. For one cleaning contract, $10,500 cash was received in advance. The cash was credited to unearned revenue upon receipt. At year-end, $1,250 of The service revenue was still unearned. For another cleaning contract, $8,300 cash was received in advance and credited to unearned revenue upon receipt. At year-end, $2,700 of The services had been provided. What is The effect on The financial statements if these adjusting entries are not made? The input in The box below will not be graded, but may be reviewed and considered by your instructor. What is The balance in unearned revenue at December 31 related to The two cleaning contracts? $
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