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on mar 3, lyons company received $100 cash in advance of providing catering services to a customer. use your knowledge of what a correct journal entry should look like to identify what would be included in the correct journal entry multiple select question.

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Tutorconsortium322 Tutorconsortium322

16-09-2022

The following information would be included in the correct journal entry:

Debits for cash would be made and listed first.
Unearned Revenue would be stated second and given credit.

What is journal entry?

Keeping or recording any transactions, whether they are financial or not, in a journal is known as keeping a journal entry.
A company's debit and credit balances are displayed along with a listing of transactions in an accounting journal.
Each recording in the journal entry can be a debit or a credit, and the entry itself may have many recordings.
The purchase of machinery by a nation, which will result in a debit to the machinery account and a credit to the cash account, is an example of a journal entry.
Compound, modifying, and reversing journal entries are the three basic categories.

It may list impacted subsidiaries, tax information, and other information depending on the company.

Learn more about journal entry here:

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