ABC Hotels, Inc. has signed a service outsourcing contract with XYZ Rooms, Inc. for $5 million, which was received in cash at contract inception. Under the agreement, XYZ Rooms is obligated to clean and prepare over 5,000 hotels rooms managed by ABC Hotel on a daily basis from November 1, 2018 to July 31, 2019. Required: Prepare any journal entry that XYZ would record: (1) at inception of the contract and (2) at the end of 2018 to recognize all revenue associated with this contract that should be recognized in 2018.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “ABC Hotels, Inc. has signed a service outsourcing contract with XYZ Rooms, Inc. for $5 million, which was received in cash at contract ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which term refers to the age, gender, education, income, family size, career, and residence of the consumer? a. agenda b. demographic c. psychographic d. target audience
Answers (1)
c. Productive efficiency occurs when a good or service (such as the distribution of tickets) is produced at the lowest possible cost. Is this an efficient way to distribute the tickets?
Answers (1)
Which of the following strategies is illegal in the U. S. and many other countries?
Answers (1)
Judy's cousin skip tells judy that he will sell her car for her when she leaves the country for a church mission for two years. skip tells her that he will do it for no charge to her.
Answers (1)
The change in satisfaction derived when an individual consumes one more unit of a good or service is called marginal utility. total utility. fixed utility. average utility.
Answers (1)
New Questions in Business
The utility of a product or service is its: a. want-satisfying power. b. function as a commodity. c. re-usability. d. design quality.
Answers (1)
The local utility company dug up Frank's garden to install a natural gas line. The company claimed it had valid easement and proved it through the county records. Frank claimed the easement was not valid because he did not know about it.
Answers (1)
Wheels and More needs to maintain 8 percent of its sales in net working capital. The firm is considering a 5-year project which will increase sales from their current level of $110,000 to $146,000, $152,000, $158,000, $164,000, and $155,000 for
Answers (1)
Which of the following accurately explain the impact of an unexpected shift to a more expansionary monetary policy under rational and adaptive expectations? Check all that apply. a.
Answers (1)
What are the three primary questions to ask when conducting a preliminary inquiry?
Answers (1)