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02-01-2024
Business

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Howard Sims is a lawyer who just received a $5,000 cash retainer on October 1st, for work to be performed evenly over the next 5 months. What is the entry Howard Sims would make on October 1st?
a) Debit Cash, Credit Unearned Revenue
b) Debit Cash, Credit Revenue
c) Debit Accounts Receivable, Credit Revenue
d) Debit Cash, Credit Accounts Payable

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