Journal Entries for the 5 transactions

1.X transfers $1,000 from its operating account to its payroll account.

2. Xs client Boeing hires the company to research a new marketing strategy. X estimates that the project will take 3 months to complete. The project begins on April 1^st and Boeing accepts X's proposal of a $300,000 fee. As per their agreement X bills Boeing for the full amount of the project on April 1^st and Boeing pays the bill in full on April 20^th. The project is completed on time on June 30^th to everyones satisfaction. Show the entries on X's books to record all the transactions related to this project.

3. X is closing its books for 2019 and asks its law firm for the amount they should accrue for their legal work performed in 2019 that wont be billed until 2020. The law firm estimates theres approximately $100,000 of 2019 legal fees that will be billed after year-end. X accrues the full $100,000 in December.

In January, the law firm bills X $60,000 for 2019 legal work and indicates that remaining $40,000 will be billed in February 2020. In February, the law firm issues a final bill for 2019 legal work that comes in at $32,000.

Show the December, January and February entries to record Law firm's legal fees.

4. On August 1^st, the bank asks X to conduct a three-week research project for a new credit card the bank is planning on issuing. X proposes a fee of $514,540 for the project which the bank accepts. On September 2^nd, the bank issues a check to X for $514,450, accidentally short paying the invoice by $90. X elects to write-off the short payment. Show how X should record all the transactions relating to this project.

5. On March 1^st X buys a $100,000 certificate of deposit (CD) through its bank using excess cash in its operating account. The CD matures in 90 days and pays interest upon maturity of $750. Show the entries to record these transactions.