You are an Accountant at Gusikowski Limited, an architectural firm. It is June 1,...

90.2K

Verified Solution

Question

Accounting

You are an Accountant at Gusikowski Limited, an architectural firm.
It is June 1, and you are preparing the Financial Statements for May.
The firm started a job for a client on May 5 and finished all the work for the client on May 25.
As of June 1, the client has not been billed and no revenue for this client has been recorded.
However on June 2, Gusikowski Limited will send the client a bill for 40,000.
What adjusting journal entry should make for May?
Account
Debit
Credit'
No Journal Entry Required
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students