A company performs 20 days of work on a 30 day contract before the end of the year. The total contract is valued at $6,000 all of which was collected in advance before any work was performed. True or false, the required year-end adjusting entry includes a $4,000 credit to service revenue.
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A company performs 20 days of work on a 30 day contract before the end of the year. The total contract is value. True or false, the required year-end adjusting entry includes a $4,000 credit to service revenue.
Explanation:
A company performs 20 dayct is valued at $6,000 all of which was collected in advance before any work was performed. True or false, the required year-end adjusting entry includes a $4,000 credit to service revenue.
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