Ullmann Maintenance Co. has a $455 monthly contract with the sports store Rackets Plus for general maintenance services. Ullmann 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) Ullmann has a November 30 fiscal year end. Why will it need to prepare an adjusting entry on November 30?
(b) Prepare Ullmann’s November 30 adjusting entry.
(c) Will Ullmann need to record a journal entry on December 1 when it invoices Rackets Plus? Why or why not?
(d) Ullmann receives $455 from Rackets Plus on December 9 for services provided in November. Prepare Ullmann’s journal entry.