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What balance would be reported on february balance sheet

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Reference no: EM132802923

Problem 1: On February 1, the Acts Tax Service received a $3,384 cash retainer for tax preparation services to be provided evenly over the next 4 months. The full amount was credited to the liability account Unearned Service Revenue. Assuming that the revenue is recognized evenly over the 4 month period, what balance would be reported on the February 28 balance sheet for Unearned Service Revenue?

Reference no: EM132802923

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