Reference no: EM132170204
Question - Bradford Construction Company accepts a $6,000 deposit to $40,000 renovation, recording the initial receipt of the cash as Deferred Revenue. On December 31, Bradford has completed 50% of the job, has not received any additional cash and has not recorded any additional journal entries. What is the adjusting entry on December 31?
DR Revenue $14,000, CR Deferred Revenue $14,000
DR Deferred Revenue $6,000, CR Revenue $6,000
DR Deferred Revenue $6,000, DR Accounts Receivable $14,000, CR Revenue $20,000
DR Accounts Receivable $20,000, CR Revenue $20,000
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