Question
On June 1. Garish Enterprises enters into a contract to provide advertising services for one-year to Colorful Company for $48,000. On December 31, Garish has
On June 1. Garish Enterprises enters into a contract to provide advertising services for one-year to Colorful Company for $48,000.
On December 31, Garish has received $24,000 in cash, which it has recorded to revenue, and has inadvertently accrued an additional $10,000 in revenue, recording to debit to Accounts Receivable. What is the correcting entry on December 31 to reflect the proper amount of earned revenue?
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Managerial Accounting
Authors: Wendy M. Tietz, Louis Beaubien, Karen W. Braun
3rd Canadian edition
134460826, 134460820, 9780134524818 , 978-0134526270
