The net income will be too high.
What is net income?
Net income is defined as an entity's earnings less expenses, amortization, depreciation and dividends, and taxes for a specific accounting period in both professional accounting.
Therefore,
If a company incorrectly records cash received for services to be provided in the future with a debit to cash and a credit to sales revenue, how will this error affect net income for the current period?.
The net income will be too high.
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