Hangry Donuts hires Lara-Ann to handle corporate orders as the business grows. Lara-Ann negotiates a deal to have their donuts in the breakfast buffet at the Four Points Sheraton Central Park hotel - just opposite UTS on George Street. The hotel agrees to pay $500 in advance each month for donuts. Hangry Donuts received the payment 2 weeks ago and is now delivering the donuts to the hotel. Select the flows and accounts that the business would use to record this transaction. Please choose a drop-down selection for every box. Assets = Liabilities + Equity [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ]Multiple dropdown selections

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The receipt of cash in advance from a customer

A business received advance payments for services of $120,000 in February 2021 and it was recorded as revenue. By 30 June 2021 only 40% of the required services had been provided to the customers. To comply with the accrual accounting principle, which of the following entries is required at balance day, 30 June 2021?

Hangry Donuts hires Lara-Ann to handle corporate orders as the business grows. Lara-Ann negotiates a deal to have their donuts in the breakfast buffet at the Four Points Sheraton Central Park hotel - just opposite UTS on George Street. The hotel agrees to pay $500 in advance each month for donuts. Hangry Donuts receives the first payment. Select the flows and accounts that the business would use to record this transaction. Please choose a drop-down selection for every box. Assets = Liabilities + Equity [ Select ] Accounts payable Unearned revenue Inventory Cash Raw materials Accounts receivable Account not required [ Select ] Cash Revenue Bank loan Unearned revenue Account not required [ Select ] Cash Expenses Revenue Cost of sales Unearned revenue Account not required [ Select ] -500 +500 0 [ Select ] -500 +500 0 0

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