SOLVED: What would be the Accounting entry for 'When a PO with Satisfaction Method of ...

What would be the Accounting entry for 'When a PO with Satisfaction Method of “Require Complete” is fully satisfied'?

Contract Liability Account is debited and Contract Revenue Account is credited

Contract Revenue Account is debited and Contract Liability Account is credited

Contract Asset Account is debited and Contract Liability Account is credited

Contract Liability Account is debited and Contract Asset Account is credited

Verified Answer

Correct Option - a

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