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Customer Deposits

Solution Customer Deposits represents money the company received in advance of providing a service or product to a customer. Customer Deposits is classified as a current liability on the balance sheet. It is classified as a liability because the company still owes the service or product to the customer. An example would be taking a deposit on a job before the job is started, or a Lay away Deposit.
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Article details
Article ID: 293
Category: Ledger
Date added: 2010-11-23 10:11:27
Views: 499
Rating (Votes): Article rated 2.8/5.0 (34)

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