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Can someone please assist me with this question Instructions JustKitchens Inc. provides services to restaurants and hotels. The company supplies paper products, tableware, cookware, restaurant

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Instructions JustKitchens Inc. provides services to restaurants and hotels. The company supplies paper products, tableware, cookware, restaurant and kitchen equipment, and cleaning supplies. On January 2, 2017, Just- Kitchens enters into a contract with a local restaurant chain to provide its services for 3 years at a cost of $10,000 per year. The restaurant chain pays the total contract fee on January 2, 2017. JustKitchens's stand-alone selling price is also $10,000 per year. After 2 years, the restaurant asks to modify the contract. On January 2, 2019, the companies agree to reduce the fee for the third year to $9,000 in exchange for extending the contract for 2 additional years at a fee of $11,000 per year. This modification is agreed to by both parties, and on that date the restaurant chain pays for the additional 2 years of service and deducts $1,000 for the adjustment to the original contract. The $11,000 fee for the additional years is the same as JustKitchens's stand-alone price. Required: 1. How should JustKitchens account for the contract modification? 2. Prepare the journal entries that JustKitchens would make over the life of the contract. General Journal Shaded cells have feedback. X How does grading work? PAGE 2017 PAGE 2018 PAGE 2019 PAGE 2020 PAGE 2021 Score: 174/183 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Dec. 31, 2021 Unearned Revenue Service Revenue Points: 33.28/35

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