On October 1, 2017, Whispering Company enters into a contract to transfer a product to Choco Company on November 30, 2017. It is agreed that Choco will pay the full price of $36,100 in advance on October 15, 2017. Choco pays on October 15, 2017, and Whispering delivers the product on November 30, 2017. Prepare the journal entries required for Whispering in 2017
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.
On October 1, 2017, Whispering Company enters into a contract to transfer a product to Choco Company on November 30, 2017. It is agreed that Choco will pay the full price of $36,100 in advance on October 15, 2017. Choco pays on October 15, 2017, and Whispering delivers the product on November 30, 2017. Prepare the
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