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Show the effects of advance payment and revenue recognition

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Jordan Michael started a personal financial planning business when she accepted $80,000 cash as advance payment for managing the financial assets of a large estate. Michael agreed to manage the estate for a one-year period, beginning April 1, 2009. Assume the year ends on December 31,2009.

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Show the effects of the advance payment and revenue recognition on the 2009 financial statements using a horizontal statements model.

 

Reference no: EM13509403

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