Assignment 2 (Due: Sunday, 9/15, 11:00 PM CST) 1. Clean & Clear Water offers pool and spa cleaning services to hotels and residential customers. Commercial (hotels) customers pay on a monthly contract basis, while residential customers pay an hourly rate based on services provided. In July 2019, Clean & Clear Water signed a 6-month contract with Travel Holidays to provide pool and spa cleaning services for 3 hotel sites. The contract price of $48,000 was collected on July 1, 2019. The services will be provided evenly over the 6 months. During July 2019, Clean & Clear Water also provided 80 hours of residential pool services at $30 per hour. These services have not yet been billed to residential customers. The company uses the account, Fees Receivable, to reflect amounts due but not yet billed. Prepare the entry on July 1, 2019 to record the receipt of $48,000 cash related to the contract with Travel Holidays. a. b. Prepare the adjusting entry to be made on July 31, 2019 for the contract work performed for Travel Holidays during the month. c. Prepare the adjusting entry needed on July 31, 2019 to reflect the residential pool services performed during the month. 2. On January 18, 2019, Big City Co, paid $36,000 for a two-year insurance premium that covers February 1, 2019 through January 31, 2021. TPban Pra's year-end is March 31, 2019. C:s Cays Co a. What entry is made on January 18, 2019? b. What adjusting entry should be made on March 31, 2019 before the financial statements are prepared for the year ending March 31, 2019? Selected accounts of Farm Company any adjusting entries have been made. Farm Company's accounting year begins on January 1. are shown below as of January 31 of the current year, before 3. Debit Credit Prepaid rent Supplies $12,600 9,900 Unearned service fees $18,000 Wages expense 24,000 Use the following information to prepare the necessary January 31 adjusting entries: (1) Prepaid rent represents rent for January, February, March, and April. (2) January 31 supplies on hand total $3,900 (3) Last month the firm received earned during January vervice fees in advance. One-half of these fees were (4) Accrued wages nt crual Accounting Credht 36 003 2.)aJan 18 erepard Dasurae 36j000 Att e CASH 3000 3) Tasiace &pense 3,000 Pefaide dasaace 36००० (24)

Assignment 2 (Due: Sunday, 9/15, 11:00 PM CST) 1. Clean & Clear Water offers pool and spa cleaning services to hotels and residential customers. Commercial (hotels) customers pay on a monthly contract basis, while residential customers pay an hourly rate based on services provided. In July 2019, Clean & Clear Water signed a 6-month contract with Travel Holidays to provide pool and spa cleaning services for 3 hotel sites. The contract price of $48,000 was collected on July 1, 2019. The services will be provided evenly over the 6 months. During July 2019, Clean & Clear Water also provided 80 hours of residential pool services at $30 per hour. These services have not yet been billed to residential customers. The company uses the account, Fees Receivable, to reflect amounts due but not yet billed. Prepare the entry on July 1, 2019 to record the receipt of $48,000 cash related to the contract with Travel Holidays. a. b. Prepare the adjusting entry to be made on July 31, 2019 for the contract work performed for Travel Holidays during the month. c. Prepare the adjusting entry needed on July 31, 2019 to reflect the residential pool services performed during the month. 2. On January 18, 2019, Big City Co, paid $36,000 for a two-year insurance premium that covers February 1, 2019 through January 31, 2021. TPban Pra's year-end is March 31, 2019. C:s Cays Co a. What entry is made on January 18, 2019? b. What adjusting entry should be made on March 31, 2019 before the financial statements are prepared for the year ending March 31, 2019? Selected accounts of Farm Company any adjusting entries have been made. Farm Company's accounting year begins on January 1. are shown below as of January 31 of the current year, before 3. Debit Credit Prepaid rent Supplies $12,600 9,900 Unearned service fees $18,000 Wages expense 24,000 Use the following information to prepare the necessary January 31 adjusting entries: (1) Prepaid rent represents rent for January, February, March, and April. (2) January 31 supplies on hand total $3,900 (3) Last month the firm received earned during January vervice fees in advance. One-half of these fees were (4) Accrued wages nt crual Accounting Credht 36 003 2.)aJan 18 erepard Dasurae 36j000 Att e CASH 3000 3) Tasiace &pense 3,000 Pefaide dasaace 36००० (24)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 2P: JustKitchens Inc. provides services to restaurants and hotels. The company supplies paper products,...

See similar textbooks