On april 1st a consulting company recieved 24,000 in advance for services to be performed over...
On april 1st a consulting company recieved 24,000 in advance for services to be performed over the next 6 months. what is adjusting entry on june 3oth?
Homework Answers
The adjustment entry on June 30th would be as under:
1. Advance Against Service A/c Dr. 4000
To Income / Service A/c Cr. 4000
(Being service performed and amount adjusted from the advance account)
Now on 30th June the balance lying in the advance account which will be shown under liability side would be 12,000 as three month service has been performed.
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