On October 1, the calendar year for company, which is on accrual basis, signs a AED15,000.00 painting contract and makes a AED5,000.00 advance, which you record in Painting Expense. If, on December 31, management tells you that 20% of the work has been completed, you will?

YOU will do what? We don't do homework without you trying.

You will reverse your entries, calculate the value of the completed work and journal it

Answer is 453.2 Bitcoins.