The adjustment to be made for income received in advance is:

Question

Xaibi Aslam · Accepted Answer

Deduct income received in advance from respective income and show it as a liability

Xaibi Aslam · Answer

Add income received in advance to respective income and show it as a liability

Xaibi Aslam · Answer

Add income received in advance to respective income and show it as asset

Xaibi Aslam · Answer

Deduct income received in advance from respective income and show it as an asset in the Balance Sheet

Question #72940