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Kim wong received 800 in advance for tutoring fees when she

Kim Wong received $800 in advance for tutoring fees when she agreed to help Joe Pratt with his introductory accounting course. Upon receiving the cash, Kim mentioned that she would have to record the transaction as a liability on her books. Joe asked, Why a liability? You don't owe me any money, do you?

Required:

Respond to Joe's question regarding Wong's liability.

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Accounting Basics: Kim wong received 800 in advance for tutoring fees when she

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Accounting Basics: Kim wong received 800 in advance for tutoring fees when she

Reference No:- TGS01222521

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