On March 25, 2015, SEAF signed a service contract with Company A. Within the contract, it...
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On March 25, 2015, SEAF signed a service contract with Company A. Within the contract, it stated that SEAF shall provide investment advisory service to Company A from April 1, 2015 to April 30, 2015. The total service fee structured within the contract is $10,000. On the same day (March 25, 2015), SEAF received half of the service fee ($5,000) from Company A. On May 10, 2015, the remaining amount ($5,000) was received from Company A, as the full service has been provided by SEAF. What Journal Entries would be, if applicable, on the dates below: a. March 25, 2015 Account Service Contract (Revenue) Cash Accounts Receivable b. April 30, 2015 N/A c. May 10, 2015 Account Cash Accounts Receivable Debits $5,000.00 $5,000.00 Debits $5,000.00 Credits $10,000.00 Credits $5,000.00 On March 25, 2015, SEAF signed a service contract with Company A. Within the contract, it stated that SEAF shall provide investment advisory service to Company A from April 1, 2015 to April 30, 2015. The total service fee structured within the contract is $10,000. On the same day (March 25, 2015), SEAF received half of the service fee ($5,000) from Company A. On May 10, 2015, the remaining amount ($5,000) was received from Company A, as the full service has been provided by SEAF. What Journal Entries would be, if applicable, on the dates below: a. March 25, 2015 Account Service Contract (Revenue) Cash Accounts Receivable b. April 30, 2015 N/A c. May 10, 2015 Account Cash Accounts Receivable Debits $5,000.00 $5,000.00 Debits $5,000.00 Credits $10,000.00 Credits $5,000.00
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Answer rating: 100% (QA)
SOLUTION The journal entries for the given transactions would be as follows a March 25 2015 Account ... View the full answer
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
Posted Date:
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