ave Finance and Accounting Skills Assessment - Shift Payments 20210701mw (1) - Excel Home Insert Draw Page Layout Formulas Data Review View Help xon Format Painter Clipboard Calibri 10 AA ===> 99 W Text BIU A Meroe & Center $% 82% Font Alignment Number E G H K D Shift Payments LLC Finance Onboarding Skill Assessment Accounting Questions Question 1: We billed $6 million on 7/1/2021 for a regulatory compliance fee that covers the period of 7/1/2021-6/30/2022. Please show the journal entries that would occur throughout 2021 and the balances of all of the impacted accounts as of 12/31/2021 Question 2: We expect to receive an involce from Visa in May 2022 for the 2021 PC Fee. While we are unsure of the exact amount we believe that the average monthly cost is $150k. Please show all of the Journal entries (If any) that would occur during 2021 and the balances of the impacted accounts as of 12/31/2021. Question 3: We receive the above-mentioned Visa invoice in May 2022 in the amount of $1,750,000. Please prepare the journal entry needed to record the invoice. Question 4: We purchase an IT service contract (which cannot be capitalized) on 9/1/2021 for $60,000. The service will cover the period of 11/1/2021-4/30/2022. Please prepare the journal entries that would be recorded in 2021 and show the balances of the Impacted accounts as of 12/31/2021 Question 5: In order to acquire a customer, we give them a piece of Inventory for free that has a cost of $1,200. The cost of the customer acquisition can be capitalized. The average life of a merchant is one year, On 11/1/2021, 5 merchants were acquired. Please show all of the journal entries that would occur in 2021 and the balances of the impacted accounts as of 12/31/2021. Instructions Acctg1 F1 Fin 2 Excel 1 Excel 2 Excel Type here to search AI 4 ave Finance and Accounting Skills Assessment - Shift Payments 20210701mw (1) - Excel Home Insert Draw Page Layout Formulas Data Review View Help xon Format Painter Clipboard Calibri 10 AA ===> 99 W Text BIU A Meroe & Center $% 82% Font Alignment Number E G H K D Shift Payments LLC Finance Onboarding Skill Assessment Accounting Questions Question 1: We billed $6 million on 7/1/2021 for a regulatory compliance fee that covers the period of 7/1/2021-6/30/2022. Please show the journal entries that would occur throughout 2021 and the balances of all of the impacted accounts as of 12/31/2021 Question 2: We expect to receive an involce from Visa in May 2022 for the 2021 PC Fee. While we are unsure of the exact amount we believe that the average monthly cost is $150k. Please show all of the Journal entries (If any) that would occur during 2021 and the balances of the impacted accounts as of 12/31/2021. Question 3: We receive the above-mentioned Visa invoice in May 2022 in the amount of $1,750,000. Please prepare the journal entry needed to record the invoice. Question 4: We purchase an IT service contract (which cannot be capitalized) on 9/1/2021 for $60,000. The service will cover the period of 11/1/2021-4/30/2022. Please prepare the journal entries that would be recorded in 2021 and show the balances of the Impacted accounts as of 12/31/2021 Question 5: In order to acquire a customer, we give them a piece of Inventory for free that has a cost of $1,200. The cost of the customer acquisition can be capitalized. The average life of a merchant is one year, On 11/1/2021, 5 merchants were acquired. Please show all of the journal entries that would occur in 2021 and the balances of the impacted accounts as of 12/31/2021. Instructions Acctg1 F1 Fin 2 Excel 1 Excel 2 Excel Type here to search AI 4