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Ayayai Burrito Inc. sells franchises to independent operators throughout the northwestern part of the United States. The contract with the franchisee includes the following provisions.
Problem 1: Prepare the journal entries for the initial and continuing franchise fees, assuming: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.)
(1) Franchise agreement is signed on January 5, 2017.
(2) Ayayai completes franchise startup tasks and the franchise opens on July 1, 2017.
(3) The franchisee records $325,000 in sales in the first 6 months of operations and remits the monthly franchise fee on December 31, 2017.
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