INOVICH omework 2 Page 1 OFI Fact Set 5 (6 points) On September 12, 2020, Gandee Candy received $145,000 cash from a client that represented fees received in advance for a consulting project. Gandee Candy estimated that the entire project would require 8,000 staff hours. Prepare the required journal entry to record the cash received from the client on November 12, 2020. Post the entry to the applicable T-account(s). (2 points) DATE ACCOUNT NAMES DEBIT CREDIT 9/12/2020 Cash 145,500 Consulting Revenue 145,500 At December 31, 2020, Sandee Candy determined that 5,600 staff hours were used to date on the project. Gandee Candy determined that it must record an adjustment for the consulting services completed based on the percentage of the work performed. Prepare the required adjusting journal entry to record the consulting services performed. Post the entry to the applicable T-accounts and compute their resulting balances. (4 points) ADJUSTING ENTRY: DATE ACCOUNT NAMES DEBIT CREDIT 12/31/2020 Supporting Computations Required: Deferred Consulting Revenue Consulting Revenue 11 Individual Homework 2 Page 16 of 18