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Level 1

Reverse Income to a liability

I have income for 2020 that has been recorded as registration fees - income. We had to cancel many events due to Covid-19, and the fees paid by the customer will rollover to 2021. I need to now reverse this income as prepaid registration fees for 2021. What is the best approach?

 

Thanks

1 Comment
Level 15

Reverse Income to a liability

Create a liability account for the pre-paid registration fees

journal entry debit income credit pre-paid registration

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