A company received a large order from a loyal customer on December 17, 2023. To guarantee the
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A company received a large order from a loyal customer on December 17, 2023. To guarantee the order, the customer paid in advance, even though the merchandise ordered would not be delivered until January 15, 2024. The amount received from the customer was $300,000 and the estimated cost of goods sold was $180,000. The accountant credited sales revenue but no entry was made for the cost of goods sold.
What is the required adjusted journal entry at year-end (December 31, 2023)?
Related Book For
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
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