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Question 10 1 pts XYZ has accepted a contract with a customer to deliver merchandise costing $10,000, every month for the first three months of
Question 10 1 pts XYZ has accepted a contract with a customer to deliver merchandise costing $10,000, every month for the first three months of 2022. The total sales revenue will be $25,000 for each month. XYZ's accountant made no entry to record this sales contract. The appropriate adjusting entry as of December 31, 2021 is: Cost of Goods Sold 30,000 Net Income 45,000 Sales Revenue 75,000 Uneared Revenue 75,000 Sales Commitments 75,000 No Entry Required or None of the Above Accounts Receivable 75,000 Unearned Revenue 75,000 Accounts Receivable 75,000 Cost of Goods Sold 30,000 Sales Revenue 75,000 Inventory 30,000
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