When a company records an adjusting entry for services previously recorded as Deferred Revenue, it records a:
A journal entry can be defined as a process which involves keeping the records of the financial transactions of a business such as sales, salaries, inventory, etc, that are made by a business organization.
In Financial accounting, the journal entry is generally used by both bookkeepers and accountants for effective and efficient record purposes. This ultimately implies that, it is very important that a journal comprises the following information;
Deferred Revenue can be defined as a liability on the balance sheet of a business firm's which represents a previous payment made by its customers for goods or services that are yet to be supplied or delivered.
Read more on Deferred Revenue here: https://brainly.com/question/14293132
#SPJ1
Complete Question:
When a company records an adjusting entry for services previously recorded as Deferred Revenue, it records which two of the following?
