For response in advance: Ask 1: We need your help in preparing journal entries in line with US GAAP for the following scenario. When preparing your journal entries, we're looking for: 1. Revenue schedule; setting out deferred revenue, revenue recognized, and cash accounts 2. Commission expense; deferred, accrued, and expense accounts Scenario: Alloy has three sales people: Jill, Jack and James Jill is an Enterprise Team lead who both sells to customers as well as provides mentorship and guidance to Jack and James. She is paid 8% for all deals she closes plus 2% for all deals Jack and James close. Jack and James are Business Development Executives who are paid 8% for all deals they close. To simplify things, assume that all subscription contracts are invoiced and paid on the close date and that commission payments are earned and paid at that time as well. Below is a summary of the deals that Jill, Jack and James have closed in the second half of 2021 Contract Customer Deal Owner Deal Amount Close Date C-0001 FinTech LLC Jill $120,000 07/01/2021 Term start 07/01/2021 Term End 6/30/2022 C-0002 Crypto Cats Jack $60,000 08/01/2021 08/01/2021 07/31/2022 C-0003 High Value CU James $24,000 09/15/2021 10/01/2021 09/30/2022 C-0004 Stock Pix Jack C-0005 Rent-a-EV James $60,000 $36,000 10/01/2021 10/01/2021 09/30/2022 10/15/2021 11/01/2021 10/31/2022 C-0006 Big Bank Inc Jill C-0007 Crypto Cats Jack Upsell $120,000 $45,000 10/20/2021 10/20/2021 10/19/2022 11/01/2021 11/01/2021 01/31/2022 C-0008 Small bankz James $24,000 12/15/2021 01/01/2022 06/30/2022 Final deliverable: Please send a copy of the journal entries as well as any supporting documents, spreadsheets, or other scratch work. Being able to see your thought process is as important (or more so) than the finished product