TB Problem $6-224($Algo$)$ AgriFoods, Incorporated prepares and delivers agricultural...

Agrifoods, Incorporated prepares and delivers agricultural products to industrial$-$scale kitchens and food service providers. One of its

key customers is Home Kitchen & Company, which provides cafeteria solutions for corporations and universities. On January $1,2024,$

AgriFoods obtained a one$-$year contract to supply a pre$-$specified amount of vegetables to Home Kitchen, and received $$633,000$ in

cash. Then, on March $15,$ AgriFoods hired Home to run one of its employee cafeterias for a period of six months, from April to

September, and paid $$73,850$ in cash. For similar arrangements, Home usually charged $$52,750.$

Required:

$($a$)$ Prepare the journal entries AgriFoods would record on January $1,2024$ and January $31,2024$ with respect to the sales contract

Assume revenue is accrued on a monthly basis.

$($b$)$ Prepare the journal entry to account for AgriFoods' purchase of Home's services.

Complete this question by entering your answers in the tabs below.

Required $A$

Prepare the journal entries AgriFoods would record on January $1,2024$ and January $31,2024$ with respect to the sales contract. Assurr

revenue is accrued on a monthly basis.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.