1Z0-511 Exam Dumps | A company generates revenue at period end, but bills monthly in advance. The customer is invoiced in

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Oracle E-Business Suite R12 Project Essentials Exam
Oracle.1z0-511.v2018-07-07.q36
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Question 35/36

A company generates revenue at period end, but bills monthly in advance. The customer is invoiced in April with project starting in May and the first project is due to be recognized at the end of May. What are the accounting entries at the end of May?

A. Debit: Cost of Goods SoldCredit: Unbilled Receivables

B. Debit: Unearned RevenueCredit: Revenue

C. Debit: ReceivableCredit:Bank

D. Debit: ReceivableCredit: Unearned Revenue

E. Debit: BankCredit: Revenue

Correct Answer: D

Explanation/Reference:
Explanation:
Invoice
When you run the program to interface invoices to Oracle Receivables, Oracle Projects runs AutoAccounting to determine the appropriate default accounts. If the invoice fails AutoAccounting, then the program marks the draft invoice with an error. See: Overview of AutoAccounting, Oracle Projects Implementation Guide.
The following table shows entries Oracle Projects creates when the Interface Invoices to Oracle Receivables process is run:
AccountDebitCredit
Receivables200.00
Unbilled Receivables and/or Unearned Revenue200.00
References:

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