Reference no: EM132642632
On February 01, 2016, ABC signed a $14877 consulting contract with XYZ . The contract requires ABC to provide computer technology support services whenever requested over the period from February 01, 2016 to November 01, 2017, with XYZ paying the entire $14877 on February 01, 2016 .
Question 1: Prepare journal entries for ABC
a. the journal entry on February 01, 2016 will be a DR to (account title) cash b. the journal entry on February 01, 2016 will be a CR to (account title) Deferred revenue
c. the amount of the DR and the CR on February 01, 2016 is 14877
d. the adjusting journal entry (based on months passed) on December 31, 2016 will be a DR to (account title) _Deferred revenue
e. the adjusting journal entry on December 31, 2016 will be a CR to (account title) Sales Revenue
f. the amount of the DR and the CR on December 31, 2016 will be