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In a 2002 Wall Street Journal article ["Accounting Issues at WorldCom Speak Volumes About Disclosures"], the author writes:
"As investors worry about their ability to trust many companies' income statements, the WorldCom example shows how the single earnings figure at the bottom of an income statement is built on an array of management choices and estimates that can be tweaked to produce different results. Regulators and other accounting sleuths long have known that managers willing to manipulate results often focus on accounts receivable."
Problem 1: If managers are interested in manipulating earnings results, why might they "focus on accounts receivable" as suggested by the author of the article? In other words, how do the financial reporting rules handle the reporting of Accounts Receivable and how does this allow for potential earnings manipulation?
Journalize the January transactions.12Performed services for customers who had made advance payments of $11,500. (Credit Service Revenue.)
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