Customer is Civic Corporation and they purchase one bundled package 1 Date of contract 10/1/X7 Tax consulting begins 10/1/X7 Length of consulting services 12 months Tax return preparation occurs over the period January through April of 20X8 Length of tax preparation 4 months Price of tax preparation to be allocated over the return preparation period $ 8,000 stand alone price Price of consulting services to be allocated over consulting period $ 18,000 stand alone price Customers are charged a lesser amount as follows for both tax and consulting $ 24,800 Anderson Accounting Services LLC's current year end 12/31/X7 Customers pay at the contract date for BOTH the consulting services and the preparation services.

1. Record the journal entry required at the date of the contract. What is the impact on the liability section of the balance sheet. For an increase simply input the number. For a decrease input the number with a minus sign before it such as -100. If there is no impact input a zero (0).

2. What is the amount of total revenue that should be recognized in the current accounting period (12/31/X7)?

3. What is the TOTAL balance in ALL deferred revenue accounts at the end of the current accounting period (12/31/X7)? Consider all deferred revenue accounts for any/all performance obligations.

4. What is the amount of total revenue that should be recognized in the subsequent accounting period (12/31/X8)?

5. The Deferred Sales Revenue account as what "normal or natural" balance?

6. Increases in equity (net assets) from peripheral or incidental transactions of an entity and from all other transactions and other events and circumstances affecting the entity during a period except those that result from normal operations or investments by owners is referred to as a _______________________.