What is journal entry to get the $97,000 out of provision
In 2009 we realized we were going to have a loss of $97,000 on a project in 2010. We used a "Provision for loss on Jobs" account. We have now realized the loss in 2010. What is my journal entry to get the $97,000 out of Provision on loss of job?
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Phil has been asked to create a database for his company. The database is to track employees and the projects on which the employees work. A project can have between 3 and 7 employees assigned to it.
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