b. Prepare journal entries (including any adjusting entries as of the July 31 month-end) to record these events using the alternative procedure of initially crediting the Services Revenue account when payment is received from a customer in advance of performing services. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
b. Prepare journal entries (including any adjusting entries as of the July 31 month-end) to record these events using the alternative procedure of initially crediting the Services Revenue account when payment is received from a customer in advance of performing services. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format ? And Fast Answering Please And Explain Proper Step by Step.
![Required information
[The following information applies to the questions displayed below.]
Costanza Company experienced the following events and transactions in July.
July 1 Received $3,000 cash in
advance of performing work for Vivian Solana.
July 6 Received $7,500 cash in advance of performing work for Iris Haru.
July 12 Completed the job for Solana.
July 18 Received $8,500 cash in advance of performing work for Amina Jordan.
July 27 Completed the job for Haru..
July 31 None of the work for Jordan has been performed.
b. Prepare journal entries (including any adjusting entries as of the July 31 month-end) to record these
events using the alternative procedure of initially crediting the Services Revenue account when payment is
received from a customer in advance of performing services.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first
account field.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff54002f3-a6ac-4359-8c66-58264ca1743c%2Fd6414cbd-5067-41aa-9b62-dd2e9bbb9572%2Fkmqe83i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Costanza Company experienced the following events and transactions in July.
July 1 Received $3,000 cash in
advance of performing work for Vivian Solana.
July 6 Received $7,500 cash in advance of performing work for Iris Haru.
July 12 Completed the job for Solana.
July 18 Received $8,500 cash in advance of performing work for Amina Jordan.
July 27 Completed the job for Haru..
July 31 None of the work for Jordan has been performed.
b. Prepare journal entries (including any adjusting entries as of the July 31 month-end) to record these
events using the alternative procedure of initially crediting the Services Revenue account when payment is
received from a customer in advance of performing services.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first
account field.
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