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How would the proceeds received from the advance sale

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Reference no: EM132702586

Question 1: How would the proceeds received from the advance sale of non-refundable tickets for a theatrical performance be reported in the seller's financial statements before the performance?

a. Unearned revenue to the extent of related costs expended.

b. Revenue to the extent of related costs expended.

c. Revenue for the entire proceeds

d. Unearned revenue for the entire proceeds

Question 2: If a P5,000 adjustment for bad debts expense is omitted, which of the following financial statement errors will occur?

a. Net income will be understated

b. Expenses will be overstated

c. Assets will be understated

d. Owner's equity will be overstated

Reference no: EM132702586

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