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On April 1, a company takes on an 18month job and receives a $10 , 000 advance that is
recorded in Revenue. If no adjusting entry is made at year-end, how will the financial statements
be affected?

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  • 1. On April 1, a company takes on an 18month job and receives a $10 , 000 advance that is recorded in Revenue. If no adjusting entry is made at year-end, how will the financial statements be affected?