Free Preparation Discussions
MENU
Oracle Exam 1Z0-1057-24 Topic 7 Question 4 Discussion
Topic #: 7
A consulting services company is currently working on a business transformation project for your client that spans over 10 months. The total contract amount is 250000 USD. They have generated a revenue of 25000 USD and an Invoice of 10000 USD at the end of the first period.
The accounting entry for revenue is:
and accounting entry for invoice is:
What will be the accounting entry when you reclassify the billing offset balances in the first period?
When you reclassify the billing offset balances in the first period, the accounting entry is:
Dr Accounts Receivables 10000 - Cr Unbilled Receivables 10000
This entry reduces the unbilled receivables balance and increases the accounts receivables balance by the invoice amount. This is because the invoice has been created and sent to the customer, and the billing offset account is no longer needed. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-invoices.html#OAPFM2356091
Graham
25 days agoSabra
26 days agoDarrin
26 days agoElza
4 days agoWendell
6 days agoShizue
18 days agoFrancis
27 days agoDewitt
28 days agoLouisa
29 days agoCarman
1 months agoTran
1 days agoInocencia
4 days agoVeda
12 days agoGlory
1 months agoBen
21 days agoCarolynn
1 months agoBrianne
1 months agoLavonda
2 months agoMi
21 days agoCeleste
23 days agoJunita
25 days agoCandra
26 days ago