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What is the name for this type of transaction

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Q1. You are working in the accounting department at a landscaping company. Your company has recently received a very large job at a new apartment complex. The job has been paid for in full, but the work has not yet been completed at the time you begin balancing the quarterly books.

a. What is the name for this type of transaction?

b. How should this type of transaction be recorded?

Q2. Shortly before the quarter ends, the job is completed and the company has earned the $15,000 charge. Now you must perform an adjustment on this transaction.

a. What should be your first step in making the adjustment?

b. How should the adjusted entry be journalized?

c. How should this transaction be posted to the ledger?

Reference no: EM132429404

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