Record Journal Entries for the Following Transactions.​​

question 16

Essay

Record journal entries for the following transactions.​​
(a) On December 1, $18,000 was received for a service contract to be performed from December 1 through April 30.​
(b) Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31.

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Definitions:

Silicate Minerals

Minerals that contain silicon and oxygen in their chemical structure, making up the majority of the Earth's crust.

Sulfides

A group of minerals containing sulfur (S) bonded with a metal.

Pyrite

A common, pale bronze to brass yellow, iron sulfide mineral, commonly called “fool’s gold.”

Element S

Refers to Sulfur, a chemical element with the symbol S and atomic number 16, known for its bright yellow crystals.