On October 25, Yacht Doc received $200,000 for a yacht valued at $180,000 and a 4-month service contract. During November, the yacht was delivered and 1 month of the service contract was performed. The remaining services are to be performed evenly over the next 3 months. What is the entry Yacht Doc should record on October 25? 

Answer rating: 100% (QA)

On October 25 Yacht Doc should record the following entry to account for the ... View the full answer