It has been discovered that $5000 of product that was paid for and was to be...
It has been discovered that $5000 of product that was paid for and was to be shipped on December 27,2017 has not been shipped. The product was actually shipped on January 2, 2018.
What is the adjusting journal entry?
Homework Answers
Here as we know that the payment for the sales are already been received in advance that means it was then transferred in Unearned Revenue and now when the product is actually shipped, unearned revenue will be transferred to sales revenue i.e revenue is now booked.
Adjusting entry is as follows:-
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