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Create all necessary journal entries for the year ended june

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Safety Ltd provides a bundled security service to Cautious Ltd. It charges Cautious Ltd $150,000 for initial alarm installation and two ongoing services - access to remote alarm monitoring for 2 years and an on-site evening guard dog for 2 years.

Cautious Ltd pays the $150,000 upfront, on 1 July 2021. Safety Ltd determines that, if it were to charge a separate fee for each service if sold separately, the fee would be:

Alarms including installation      $ 95,000

Remote monitoring                   30,000

On-site guard dog                      50,000

The end of Safety Ltd's reporting period is 30 June.

Problem 1: Create all necessary journal entries for the year ended 30 June 2022 for Safety Ltd. Show all workings and ignore present values.

Reference no: EM132630939

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