Capstone Lawnmowers operates in the beautiful Pacific Northwest. One of the services it offers its commercial customers is a post-paid quarterly subscription fee that is paid at the end of every three months. TCC is one of the customers, and it subscribed on September 1, 2016. The first payment of $12,000 was due and TCC paid it in full on November 30, 2016. The second quarter ends on February 28, 2017, and the amount due is still $12,000. TCC pays the full amount of $12,000 on February 28, 2017. Services accrue evenly every month. Capstones fiscal year ends on December 31.

Should Capstone record any revenue from TCC for the year ended December 31, 2016? How much?

What journal entry should be recorded on November 30, 2016 when the TCC payment is received?

What adjusting journal entry should be recorded on December 31, 2016?

What journal entry should be recorded when payment is received on February 28, 2017?