our calendar year company completes a $6,000 job, of which $1,000 has been received by year end and credited to Revenue. If you discover before the books are closed that no adjusting entry was made, your correcting entry will: debit Accounts Receivable for $6,000 credit Revenue for $5,000 credit Accounts Receivable for $5,000 debit Revenue for $5,000
our calendar year company completes a $6,000 job, of which $1,000 has been received by year end and credited to Revenue. If you discover before the books are closed that no adjusting entry was made, your correcting entry will: debit Accounts Receivable for $6,000 credit Revenue for $5,000 credit Accounts Receivable for $5,000 debit Revenue for $5,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Your calendar year company completes a $6,000 job, of which $1,000 has been received by year end and credited to Revenue. If you discover before the books are closed that no adjusting entry was made, your correcting entry will: debit Accounts Receivable for $6,000 credit Revenue for $5,000 credit Accounts Receivable for $5,000 debit Revenue for $5,000
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