Question: Pullman Maintenance Co. has a $455 monthly contract with the sports store Rackets Plus for general maintenance services. Cullman invoices Rackets Plus on the first

Pullman Maintenance Co. has a $455 monthly contract with the sports store Rackets Plus for general maintenance services. Cullman invoices Rackets Plus on the first of the month for the previous month's services provided. Rackets Plus must then pay for the previous month's services by the 10th of the following month.
(a) Cullman has a November 30 fiscal year end. Why will it need to prepare an adjusting entry on November 30?
(b) Prepare Pullman's November 30 adjusting entry.
(c) Will Cullman need to record a journal entry on December 1 when it invoices Rackets Plus? Why or why not?
(d) Pullman receives $455 from Rackets Plus on December 9 for services provided in November. Prepare Pullman's journal entry.

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