If cash is received in advance from a customer quizlet

Given the situation, it is likely that the multiple past payments to Iran were conducted in a similar fashion, according to Dubowitz. Revenues received in advance are reported as a current liability if they will be earned within one year. hostages earlier this year. The administration insisted that cash had to be used for this payment. "Likewise, if the United States freezes accounts linked to al Qaeda or Hamas, releasing it and saying, ‘It’s their money anyway,’ would not be a tenable explanation. "Either way, it is important to understand how funds were sent.

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. Cash payments are highly irregular." The Iranians have been clear that they "perceived the payment to be a ransom" despite the administration’s protestations, Rubin explained. If cash is received in advance from a customer quizlet. As the amount received in advance is earned, the current liability account will be debited for the amount earned and the Revenues account reported on the income statement will be credited. Loan calculator for payday loans. This is done through an adjusting entry. but because the money was delivered in cash the payment bolstered the strength of the Islamic Revolutionary Guard Corps and augmented its ability to finance and conduct terrorism," he said. The accounting entry is a debit to the asset Cash for the amount received and a credit to the liability account such as Customer Advances or Unearned Revenues. The Obama administration was forced to disclose on Thursday that current sanctions and banking restrictions prohibited it from transferring funds to Iran via electronic methods. "Iran had to have it in cash," Paul Ahern, assistant general counsel for enforcement and intelligence at the Treasury Department, told lawmakers. After all, successive administrations, both Democratic and Republican, have delayed payments so as to avoid funding Iranian terrorism," Rubin said. If cash is received in advance from a customer quizlet.

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. Can you do cash advance on american express. "In July, the Associated Press cited U.S. Top administration officials were adamant that the cash payments were the best way to ensure that Iran got immediate access to this money due to its ongoing difficulty accessing international funds still sanctioned by the West.

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. Lawmakers and others are now pressing the administration to disclose how a slew of other payments to Iran were made in the years leading up to the final nuclear accord. Cash loan no itc check. "Not only has the delivery of the millions of dollars been perceived as a ransom, provided as an incentive to seize more hostages ….

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