Kizspy | Question: 37 (Choose 1 answer)
The company signed a contract of providing services for $5,000, for which fees will be paid when all services are completed. As of 31 December year-end, the company estimate that half of the job was completed. What are the adjusting entries at year-end?
A. Debit Cash of $2,500 and Credit Services Revenue of $2,500
B. Debit Cash of $5,000 and Credit Services Revenue of $2,500
C. Debit Accounts Receivable of $2,500 and Credit Services Revenue of $2,500
D. Debit Accounts Receivable of $5,000 and Credit Services Revenue of $5,000
E. Debit Unearned Revenue of $5,000 and Credit Services Revenue of $5,000
