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What is the dollar impact on the liability section

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Jones Corporation has the following information pertaining to the current year:

Current accounting year end 12/31/X6

Cash received $48,000

Date cash received 7/1/X6

Services to be rendered to Motown Corp. by Jones 7/1/X6 through 6/30/X7

Problem 1: Assume Jones Corporation properly records the entry for this event at the date cash is received is. What is the dollar impact on the liability section ONLY of the balance sheet (do not consider assets or equity)?

 

Reference no: EM132776675

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