11 Mar Unbilled Accounts ReceivableMike and Cary repair c
Unbilled Accounts ReceivableMike and Cary repair computers for small local businesses. Heavy thunderstorms during thelast week of June resulted in a record number of service calls. Eager to review the results ofoperations for the month of June, Mike prepared an income statement and was puzzled by thelower-than-expected amount of revenues. Cary explained that he had not yet billed the company’scustomers for $40,000 of work performed during the last week of the month.Required1. Should revenue be recorded when services are performed or when customers are billed?Explain your answer.2. Prepare the adjusting entry required on June 30.
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