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Tenisa and a colleague have successfully brought in a new client for the decorating business. The first order from the new client is placed on that day September 15 for a party that takes place October 2-4. The client pays a deposit of $500 on the date of the order, and the remaining balance is billed to the client when the event is complete and due within 15 days from billing.
Problem 1: What is the journal entry that should be recorded on September 15?
Group of answer choices
Option 1: Debit Cash for $500 and Credit Revenue for $500
Option 2: Debit Prepaid Expenses for $500 and Credit Revenue for $500
Option 3: Debit Cash for $500 and Credit Accounts Receivable for $500
Option 4: Debit Cash for $500 and Credit Deferred Revenue for $500
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