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Costanza Company experienced the following events and transactions during July.July 1 Received $3,000 cash in advance of performing work for Vivian Solana.6 Received $7,500 cash in advance of performing work for Iris Haru.12 Completed the job for Solana.18 Received $8,500 cash in advance of performing work for Amina Jordan.27 Completed the job for Haru.31 None of the work for Jordan has been performed.
Requierment:
a. Prepare journal entries (including any adjusting entries as of the end of the month) to record these events using the procedure of initially crediting the Unearned Fees account when payment is received from a customer in advance of performing services.b. Prepare journal entries (including any adjusting entries as of the end of the month) to record these events using the procedure of initially crediting the Fees Earned account when payment is received from a customer in advance of performing services.c. Under each method, determine the amount of earned fees reported on the income statement for July and the amount of unearned fees reported on the balance sheet as of July 31.
In one year, a company had $30,000 Sales Revenue on credit. At the start of the year, the Accounts Receivable showed a $6,000 debit balance and the Allowance for Doubtful Accounts showed a $400 credit balance.
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ABC, Inc. is adopting IFRS for the first time, effective December 31, 2016. Their opening statement of financial position will be as of January 1, 2014. The IASB has issued a new standard that is effective as of January 1, 2016.
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