1) Tabor Hill Design entered into the following nine transactions during 2020. Write the journal entries required to record each transaction.

(a) Provide website design services for $40,000. Received cash.

(b) Provide website design services to Acme Company, for $20,000 on account. Tabor Hill expects Acme to pay in the future.

(c) Collect $18,000 from Acme Company on account.

(d) Sell a $1,000 gift certificate to a customer.

(e) A customer redeems a $1,000 gift certificate for website design services, and Tabor designs the customers website.

(f) Pay employees $16,000 of wages that they earned during the period.

(g) Pay $3,000 insurance for next year in advance.

(h) Receive a $250 telephone bill for 2020, to be paid in 2021.

(i) Receive a $500 utility bill for 2020, and pay it immediately.

2) On January 1, 2019, Anson Company started the year with a $300,000 credit balance in Retained Earnings, a $50,000 balance in Common Stock, and a $300,000 balance in Additional Paid-in Capital. During 2019, the company earned revenues of $95,000, incurred wages expense of $28,000, incurred tax expense of $12,000, declared a dividend of $15,000, and issued 900 additional shares of stock (par value of $1 per share) for $10,000.

(a) What was Anson Company's net income for the year 2019?

(b) Prepare the closing entry (CE) at December 31, 2019. Remember to fill in the parentheses.

(c) Prepare the Statement of Stockholders' Equity for 2019. Refer to the Demonstration Case at the end of Chapter 4 (Terrific Lawn Maintenance Corp., p. 197) for an example.

3) Which of the following is not one of the criteria that must be met for revenue recognition? Explain.

A. Cash has been collected.

B. Services have been performed.

C. Goods have been transferred.

D. The amount the company expects to receive is determinable.

E. All of the above are criteria for revenue recognition.