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Make a "Inti Tour" website design contract of Rp2,000,000. Prepare journal entries to record!

Make a "Inti Tour" website design contract of Rp2,000,000. Prepare journal entries to record!

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Answer #1

There is no journal entry of making website design contract or signing of contract. ITo prepare a journal entry there must be a business transaction in monetary term and which affect the asset or liability of a company.The contract is for future transaction does not increase or decrease an asset or a liability at the time of making or signing contract.

Hence, merely signing or making a contract does not require a journal entry.

Hope the above calculations, working and explanations are clear to you and help you to understand the concept of question.... please rate my answer...in case any doubt, post a comment and I will try to resolve the doubt ASAP…thank you

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