Jones Company Requires Prepayment from All Customers

True/False

Jones Company requires prepayment from all customers.Jones Company reported revenue of $258,000 on its Year 1 income statement.The balance in its Unearned Revenue account was $12,000 at the start of Year 1 and $4,000 at the end of the year.Based on this information alone,the amount of cash that Jones collected from customers for Year 1 was $250,000.