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Cullumber Lawn Care Inc. ( CLC ) offers its customers two lawn maintenance services. One service is for a one - year maintenance plan at
Cullumber Lawn Care Inc. CLC offers its customers two lawn maintenance services. One service is for a oneyear maintenance plan
at a cost of $ Customers can earn a discount from this price if they pay before CLCs calendar fiscal year for maintenance
services to be performed in the following year. The second service offered by CLC is a threeyear maintenance plan that sells for $
The first year's maintenance service for this threeyear plan will be delivered before CLCs fiscal year end. No discount for early
payment is offered for the second plan.
Prepare the summary journal entry for the cash sale of onetime plans for the current year, discounted onetime plans
for the following year, and threeyear maintenance plans. Credit account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter O for the amounts. List all debit
entries before credit entries.
Account Titles and Explanation
Debit
Creditb
Determine the statement of financial position classification of the unearned portion of the revenue collected.
Current portion of the unearned revenue
$
Noncurrent portion of the unearned revenue
$During Carla Vista Company started a construction job with a contract price of $ The job was completed in The
following information is available. The contract is noncancellable.
Calculate the amount of gross profit to be recognized each year, assuming the percentageofcompletion method is used. Enter
negative amounts using either a negative sign preceding the number eg or parentheses eg
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