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Do agree with the owner or the accountant

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Problem 1: On 31 March, Padbury Publishers received a subscription of $240 for the supply of twelve monthly magazines, beginning in April. At the end of the reporting period, 30 June, the accountant suggested that the owner make an adjusting entry to defer the revenue until the New Year. The owner of the business was reluctant to do so, claiming that he had already received the subscriptions in cash and could see no reason for the delay in recognizing the revenue. Do you agree with the owner or the accountant?

Reference no: EM132842252

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