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Calculate the amount of sales on account during the period

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Q1. Kibitz Fitness received $20,000 from customers on August 1, 2019. These payments were advance payments of yearly membership dues.

At December 31, 2019, calculate what the balances in the Unearned Service Revenue and Service Revenue accounts will be.

Q2. Beginning accounts receivable were $276,000 and ending accounts receivable were $302,000. Cash amounting to $2,970,000 was collected from customers' credit sales. Calculate the amount of sales on account during the period?

Reference no: EM133183024

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