A contract for revenue from services of N$100 000 is partially complete and due ...
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A contract for revenue from services of N$100 000 is partially complete and due to the contractual terms and conditions, none of the revenue from the partially complete contract may yet be recognised. The costs of providing the services during the current year is N$40 000. The following journal should be processed: Debit: Wage expense (P/L) 40 000 Credit: Bank 40 000 Cost of services provided expensed
(Indicate whether the above statement is true or false)
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