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12 June, 13:55

Whistler Corp. performed services for a customer but has not yet recorded payment, nor has it recorded any entry related to the work. Which of the following accounts are involved in the adjusting entry: (a) asset, (b) liability, (c) revenue, or (d) expense

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  1. 12 June, 14:43
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    (a) asset

    (c) revenue

    Explanation:

    On accrual accounting when a business performs a service but has not yet received payment, the entry is recorded in an asset account called Accounts receivable.

    Accounts receivable contains all revenue that is owed by other parties to the business but have not been settled yet.

    In the adjusting entry the asset account - Account receivable is now debited for the amount received and a credit is passed to Revenue account.

    The adjusting entry is passed when the payment is received for services rendered.
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