Answered: what kind of account is contract fees

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what kind of account is contract fees

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21Q: What is the completed contract method?

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what kind of account is contract fees

Expert Solution

Step 1

Definition:

Revenues: Revenues are earnings from the operations of a business. The operating activities are sale of goods and services and rent revenue.

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