Complete the following adjusting entry for Mookie The Beagle Concierge.On January 12, 2018 Julie prepaid $1,600 for pet care services to be provided each Friday for 8 weeks for her Yellow Lab, Honey. Mookie The Beagle Concierge recorded the entire $1,600 as Sales. At the end of the accounting period on January 31, 3 weeks (01/12, 01/19, 01/26 of 2019the pet care services had been provided to Honey, so 5 weeks of services or $1,000 ($1,600/8 = $200 per week) had not been earned as of the end of January. Since $1,000 had not been earned, the $1,000 is a liability because Mookie The Beagle Concierge has an obligation to provide the pet care service or return the $1,000 to the customer. So an adjusting entry is needed to bring accounts up to date at January 31. What is the adjusting entry

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Complete the following adjusting entry for Mookie The Beagle Concierge.On January 12, 2018 Julie prepaid $1,600 for pet care services to be provided each Friday for 8 weeks for her Yellow Lab, Honey. Mookie The Beagle Concierge recorded the entire $1,600 as Sales. At the end of the accounting period on January 31, 3 weeks (01/12, 01/19, 01/26 of 2019the pet care services had been provided to Honey, so 5 weeks of services or $1,000 ($1,600/8 = $200 per week) had not been earned as of the end of January. Since $1,000 had not been earned, the $1,000 is a liability because Mookie The Beagle Concierge has an obligation to provide the pet care service or return the $1,000 to the customer. So an adjusting entry is needed to bring accounts up to date at January 31. What is the adjusting entry

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