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2 July, 22:35

A roofing company collects fees when jobs are complete the work for one customer whose job was bid at $3000 has been completed as of december 31st but the company has not yet been build assuming adjustments are only made a year and what is the adjusting entry that company would need to make on december 31st the calendar year and

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  1. 3 July, 00:27
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    Adjusting entry for the Revenue earned:

    It is given that the company collects fees when jobs are complete the work. For one customer whose job was bid at $3000 has been completed as of December 31st but the company has not yet been build assuming adjustments are only made a year. So we need to recognize the revenue and receivable amount on Dec. 31.

    The adjusting entry as on December 31 for the Revenue earned shall be as follows:

    Accounts Receivable Debit $3,000

    Service Revenue Credit $3,000

    (Being adjustment made for the Revenue earned)
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