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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Squeaky Shine provides car washing services in Jersey City, New Jersey. A three-month pass for automatic car wash sells for $80, which entitles the customer for an unlimited number of car washes during the contract period. Squeaky Shine estimates that pass holders wash their cars equally throughout the three-month period. On December 1st, customers purchased $1,680 of the three-month passes, with usage of the passes occurring evenly throughout the contract period. 19 Required: 1. Prepare the journal entries that Squeaky Shine would record on December 1 and on December 31, 2021, with respect to this transaction. 2. State the account titles and amounts that will be included in Squeaky Shine's 2021 income statement and balance sheet. points X 01:35:03 Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Prepare the journal entries that Squeaky Shine would record on December 1 and on December 31, 2021, with respect to this transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Vlew transaction list Journal entry worksheet 1 > Record the cash transaction on December 01, 2021. Note: Enter debits before credits. Date General Journal Debit Credit December 01 Record entry Clear entry View general Journal Required 1 Required 2 State the account titles and amounts that will be included in Squeaky Shine's 2021 income statement and balance sheet. Income Statement and Balance Sheet Account Titles Amounts < Required 1 Required 2>
Transcribed Image Text:Squeaky Shine provides car washing services in Jersey City, New Jersey. A three-month pass for automatic car wash sells for $80, which entitles the customer for an unlimited number of car washes during the contract period. Squeaky Shine estimates that pass holders wash their cars equally throughout the three-month period. On December 1st, customers purchased $1,680 of the three-month passes, with usage of the passes occurring evenly throughout the contract period. 19 Required: 1. Prepare the journal entries that Squeaky Shine would record on December 1 and on December 31, 2021, with respect to this transaction. 2. State the account titles and amounts that will be included in Squeaky Shine's 2021 income statement and balance sheet. points X 01:35:03 Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Prepare the journal entries that Squeaky Shine would record on December 1 and on December 31, 2021, with respect to this transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Vlew transaction list Journal entry worksheet 1 > Record the cash transaction on December 01, 2021. Note: Enter debits before credits. Date General Journal Debit Credit December 01 Record entry Clear entry View general Journal Required 1 Required 2 State the account titles and amounts that will be included in Squeaky Shine's 2021 income statement and balance sheet. Income Statement and Balance Sheet Account Titles Amounts < Required 1 Required 2>
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