During the last week of December 20X1
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
3. During the last week of December 20X1, EZ Legal Company performed 40 hours of work on a client's legal case at a charge of$120/hour. An invoice was sent to the client, who had until January 30, 20X2 to pay. EZ Legal should have recorded an
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