Wyco's fiscal Year ends September 30. On September 10, it's collects $30.000 for a painting job and credits unearned painting revenue. As of September 30, 60% of the work has been done. What adjusting entry must WyCo record on September 30?

College Accounting (Book Only): A Career Approach
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Chapter12: Financial Statements, Closing Entries, And Reversing Entries
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Problem 3PB: The following partial work sheet covers the affairs of Ketcher and Company for the year ended June...
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Wyco's fiscal Year ends September 30. On September 10, it's collects $30.000 for a painting job and credits unearned painting revenue. As of September 30, 60% of the work has been done. What adjusting entry must WyCo record on September 30? 

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Step 1

JOURNAL ENTRIES 

Journal Entry is the First stage of Accounting Process. Journal Entry is the Process of Recording all Financial & Non Financial Transaction in a Proper Format.

Journal entries help to Keep the Records of All Transactions.

Golden Rule of Journal Entry :— 

  • Debit the Receiver, Credit the Giver.
  • Debit what Comes in, Credit what Goes Out.
  • Debit all Expenses & Losses, Credit all Income & Gains.
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