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What journal entry should HOME Company record on December

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Reference no: EM133096464

Question 1 - On December 1, 2017, HOME Company paid its vendor $46,000 for its annual accounting software license, which covers the twelve-month period beginning on January 1, 2018. Assume HOME Company prepares monthly financial statements at the end of each calendar month.

Required -

1. What journal entry should HOME Company record on December 1, 2017?

2. What journal entry should XYZ Corp. record for the accounting software license for the month ending January 31, 2018?

Question 2 - Assume now the same factors as above, but HOME Company did not pay the accounting software vendor until February 1, 2018.

1. What is the journal entry that should be recorded as of December 31, 2017?

2. How about January 31, 2018?

Reference no: EM133096464

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