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On October 29, 2022, Wuycik received $51, 210 from a customer as payment in advance for goods to be delivered ove the next 8 months. The company recorded the collection in advance into a liability account. As of December 31, 2022, Wuycik has delivered $9,467 of the goods promised to the customer. What is the journal entry for this omitted adjustment?

On October 29, 2022, Wuycik received $51, 210 from a customer as payment in advance for goods to be delivered ove the next 8 months. The company recorded the collection in advance into a liability account. As of December 31, 2022, Wuycik has delivered $9,467 of the goods promised to the customer. What is the journal entry for this omitted adjustment?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On October 29, 2022, Wuycik received $51, 210 from a customer as payment in advance for goods to be delivered over the next 8 months. The company recorded the collection in advance into a liability account. As of December 31, 2022, Wuycik has delivered $9, 467 of the goods promised to the customer. What is the journal entry for this omitted adjustment?
Transcribed Image Text:On October 29, 2022, Wuycik received $51, 210 from a customer as payment in advance for goods to be delivered over the next 8 months. The company recorded the collection in advance into a liability account. As of December 31, 2022, Wuycik has delivered $9, 467 of the goods promised to the customer. What is the journal entry for this omitted adjustment?
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