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kykrilka [37]
3 years ago
12

GreenLawn Co. provides landscaping services to clients. On May 1, a customer paid GreenLawn $60,000 for 6-months services in adv

ance. GreenLawn’s general journal entry to record this transaction will include a __________.
Business
1 answer:
devlian [24]3 years ago
3 0

Answer:

See answer below

Explanation:

Journal entry will be as follows.

Debit Cash Account $60,000

Credit Payables/Service Prepayment Account $60,000.

As service is being rendered on a monthly basis (monthly income = \frac{60,000}{6}  = 10,000), the company will make the following journal entry.

Debit Payables/Service Prepayment Account $10,000

Credit Revenue $10,000.

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Land improvements records any moderation to land asset that is expected to add to its value and lasts for more than a year.

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= 30,000 + 15,000

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Answer:

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