A roofing company collects payment when jobs are complete. The work for one customer, whose job was bid at $3,900, has been completed as of December 31, but the customer has not yet been billed. Assuming adjustments are only made at year-end, what is the adjusting entry the company would need to make on December 31, the calendar year-end? Multiple Choice Debit Roofing Revenue, $3,900; credit Cash, $3,900. Debit Roofing Revenue, $3,900; credit Accounts Receivable, $3,900. No adjustment is required. Debit Cash, $3,900; credit Roofing Revenue, $3,900. Debit Accounts Receivable, $3,900; credit Roofing Revenue, $3,900.

A roofing company collects payment when jobs are complete. The work for one customer, whose job was bid at $3,900, has been completed as of December 31, but the customer has not yet been billed. Assuming adjustments are only made at year-end, what is the adjusting entry the company would need to make on December 31, the calendar year-end? Multiple Choice Debit Roofing Revenue, $3,900; credit Cash, $3,900. Debit Roofing Revenue, $3,900; credit Accounts Receivable, $3,900. No adjustment is required. Debit Cash, $3,900; credit Roofing Revenue, $3,900. Debit Accounts Receivable, $3,900; credit Roofing Revenue, $3,900.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 7EB: Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on...

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A roofing company collects payment when jobs are complete. The work for one customer, whose job was bid at $3,100, has been completed as of December 31, but the customer has not yet been billed. Assuming adjustments are only made at year-end, what is the adjusting entry the company would need to make on December 31, the calendar year-end? Multiple Choice O O O O O Debit Roofing Revenue, $3,100; credit Cash, $3,100. Debit Roofing Revenue, $3,100; credit Accounts Receivable, $3,100. Debit Accounts Receivable, $3,100; credit Roofing Revenue, $3,100. Debit Cash, $3,100; credit Roofing Revenue, $3,100. No adjustment is required. < Prey. 3 of 20 Next
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A roofing company collects payment when jobs are complete. The work for one customer, whose job was bid at $4,500, has been completed as of December 31, but the customer has not yet been billed. Assuming adjustments are only made at year-end, what is the adjusting entry the company would need to make on December 31, the calendar year-end? Multiple Choice Debit Roofing Revenue, $4,500; credit Cash, $4,500. No adjustment is required. Debit Accounts Receivable, $4,500; credit Roofing Revenue, $4,500. Debit Roofing Revenue, $4,500; credit Accounts Receivable, $4,500. Debit Cash, $4,500; credit Roofing Revenue, $4,500.
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