What is the correcting entry on december

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Question - On June 1, Garish Enterprises enters into a contract to provide advertising services for one-year to Colorful Company for $48,000.

On December 31, Garish has received $24,000 in cash, which it has recorded to revenue, and has inadvertently accrued an additional $10,000 in revenue, recording to debit to Accounts Receivable. What is the correcting entry on December 31 to reflect the proper amount of earned revenue?

Reference no: EM132170145

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