Q1-

Suppose you are the newly appointed accountent in media live production llc, Oman. The company received services income of OMR 36000 from ready mix llc, on 1/4/2020 for one year till 31/3/2021. The company follows calendar year of accounting. The annual services income is OMR 36000.

Answer the following questions:

1- name the adjusting enary related to this transaction and pass entary to record transaction?

2- how will you define this adjusting entary in a single senrents?

3- which accounting concept is most applicable to this adjusting entary?

4- how this amount is to be shown in balanc sheet / income statement?

5- how it will affect the financial stetement if this entary is not passed