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Q6: Prepare all journal entries and adjusting journal entries for 2022 Other Contracts PP initiated a number of other contracts in the current year.
Q6: Prepare all journal entries and adjusting journal entries for 2022 Other Contracts PP initiated a number of other contracts in the current year. The total dollar amount of all other contracts initiated was $5,919,700. This amount is broken down as follows: A. Goods and services which were delivered and for which cash was received: $3,444,429. B. Goods and services which were not delivered, but for which cash was received: $340,390. C. Goods and services which were delivered, but for which cash was not received: $1,538,481. D. Goods and services which were not delivered and for which cash was not received: $596,400. Of the total goods and services delivered, $3,267,650 was related to goods and $1,715,260 was related to services. Each of these customers either paid the entire amount of the contract, or they didn't pay anything on the contract. In other words, there are no partial payments.
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