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Debit Credit; 1: Service Revenue: 13,450: Unearned Revenue: 13,450: 2: Accounts Receivable: 15,200: Service Revenue: 15,200: 3: Bad Debt Expense: 1,700: Allowance for.
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Generally accepted accounting principles are a set of guidelines, standards and procedures that the company must comply in preparation of financial statements. It includes both authoritative standards and accounting principles for recording and reporting of financial information. The FASB codification organizes the existing GAAP by accounting.
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