On May 1, 2024, Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the period from May 1, 2024, to April 30, 2025, with Shaffe paying the entire $6,000 on May 1, 2024. Record the journal entries for Varga on May 1 and December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On May 1, 2024, Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The contract requires Varga to
provide computer technology support services whenever requested over the period from May 1, 2024, to April 30, 2025, with Shaffer
paying the entire $6,000 on May 1, 2024.
Record the journal entries for Varga on May 1 and December 31, 2024.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
1
Record the cash received by Varga Tech Services.
2
Note: Enter debits before credits.
Date
May 01, 2024
General Journal
Debit
Credit
>
Transcribed Image Text:On May 1, 2024, Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the period from May 1, 2024, to April 30, 2025, with Shaffer paying the entire $6,000 on May 1, 2024. Record the journal entries for Varga on May 1 and December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record the cash received by Varga Tech Services. 2 Note: Enter debits before credits. Date May 01, 2024 General Journal Debit Credit >
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