2. REAL sells certain building naming rights and advertising opportunities within the REAL campus to various organizations. We have just received a cheque of $100,000 from "Sponsor A" in December 2023 for a brand new 2-year sponsorship agreement that starts in January 2024. The cheque amount covers the first 3 months and the remaining 21 months will be paid 100,000 every quarter until the end of the contract. a. Please prepare the journal entries that are needed for December 2023. b. Please prepare the journal entries that are needed for January 2024.
2. REAL sells certain building naming rights and advertising opportunities within the REAL campus to various organizations. We have just received a cheque of $100,000 from "Sponsor A" in December 2023 for a brand new 2-year sponsorship agreement that starts in January 2024. The cheque amount covers the first 3 months and the remaining 21 months will be paid 100,000 every quarter until the end of the contract. a. Please prepare the journal entries that are needed for December 2023. b. Please prepare the journal entries that are needed for January 2024.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:2. REAL sells certain building naming rights and advertising opportunities within the REAL campus
to various organizations. We have just received a cheque of $100,000 from "Sponsor A" in
December 2023 for a brand new 2-year sponsorship agreement that starts in January 2024. The
cheque amount covers the first 3 months and the remaining 21 months will be paid 100,000
every quarter until the end of the contract.
a. Please prepare the journal entries that are needed for December 2023.
b. Please prepare the journal entries that are needed for January 2024.
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