GoRight Inc. $($GRI$)$ is a franchisor who sells the rights to its trademark to franchisees. The franchisee pays an upfront, non$-$refundable

deposit of $$1,100.$ This amount is used to cover the expenses for GRI performing a check on the franchisee's background and,

credentials, interviews, and preparation of the agreement if the franchisee is accepted. This takes only about four days to complete.

If the franchisee passes this screening, a contract is signed with GRI. The contract states that for consideration of $$132,000,$ the

franchisee will have the right to use the trademark for a period of three years. The three$-$year period commences at the beginning of

the month the contract is signed. At the end of the period, the contract can be extended for another two years on payment of an

agreed$-$upon amount. The franchisee may pay the $$132,000$ in three instalments starting on the date the contract is signed. $($The

upfront fee is part of the $$132,000$ total.$)$ In other words, on signing of the contract, $$44,000$ is due, and then another $$44,000$ is paid

in the next $30$ days and the final $$44,000$ payment is due in $60$ days $($from the date of signing the contract$).$ Failure to pay the

amounts on time will forfeit the franchisee's right to use the trademark. If a franchise is revoked, GRI will retain an amount equal to $7\%$

of the total $$132,000$ to cover administrative costs incurred and the remaining amounts received are refunded. In $20$X$4,$ GRI signed

$14$ contracts with various franchisees as detailed below. GRI has a December year$-$end.

Note $1$: All franchisees made their payments on time, except for one who owed his last payment of $$44,000.$ The rights to this

franchise were revoked in November $204.$

Required:

This part of the question is not part of your Connect assignment.

Give the required entries for $20x4$ for each month. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry

required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollars.$)$