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    SREEJU's Avatar
    SREEJU Posts: 1, Reputation: 1
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    #1

    Dec 20, 2016, 11:45 PM
    Question 1
    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?
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
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    #2

    Dec 21, 2016, 10:38 AM
    YOU will do what? We don't do homework without you trying.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #3

    Dec 22, 2016, 03:46 AM
    You will reverse your entries, calculate the value of the completed work and journal it
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #4

    Dec 22, 2016, 07:16 PM
    Answer is 453.2 Bitcoins.
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