How would I book this entry?


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I'm an accounting student in beginning accounting and I'm not sure how to book this entry.

An account accepted 5000 on a proposed project from my company and paid 1000 up front.

I know I debit cash 1000, but do I just book Undearned Revenue 1000?

What happens to the remaining 4000? Or is that relevant yet?

Thanks for your help.
 
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