Requirement: Make the Journal Entries for Both of the Following

question 163

Essay

Requirement: Make the journal entries for both of the following:
(a) On December 1, $18,000 was received for a service contract to be performed from December 1 through until April 30.
(b) If the service work for this contract is performed evenly and on a regular basis throughout this period, prepare the adjusting journal entry as of year-end, December 31.

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Definitions:

Market Needs

The specific requirements or demands of a target market that businesses aim to satisfy with their products or services.

Marketing Program

A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Market Segmentation

Market segmentation is the process of dividing a market into distinct groups of buyers based on different needs, characteristics, or behaviors, who might require separate products or marketing strategies.

Return on Investment

A measure of the profitability of an investment, calculated by dividing the net profit by the initial cost.