Record the assessment fees Record the sales of licenses Record the receipt of cash during the year Record the revoked contract and the return of cash Record sales for the year GoRight Inc (GRI) is a franchisor who sells the rights to its trademark to franchisees The franchisee pays an upfront, non refundable deposit of $1,600 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 $192,000, 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 $192,000 in three instalments starting on the date the contract is signed (The upfront fee is part of the $192,000 total ) In other words, on signing of the contract, $64,000 is due, and then another $64,000 is paid in the next 30 days and the final $64,000 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 5 of the total $192,000 to cover administrative costs incurred and the remaining amounts received are refunded In 20X4, GRI signed 24 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 $64,000 The rights to this franchise were revoked in November 204 Required 1 This part of the question is not part of your Connect assignment 2 Give the required entries for 204 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 )

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Record the assessment fees Record the sales of licenses Record the receipt of cash during the year Record the revoked contract and the return of cash Record sales for the year GoRight Inc  (GRI) is a franchisor who sells the rights to its trademark to franchisees  The franchisee pays an upfront, non refundable deposit of $1,600  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 $192,000, 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 $192,000 in three instalments starting on the date the contract is signed  (The upfront fee is part of the $192,000 total ) In other words, on signing of the contract, $64,000 is due, and then another $64,000 is paid in the next 30 days and the final $64,000 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 5  of the total $192,000 to cover administrative costs incurred and the remaining amounts received are refunded  In 20X4, GRI signed 24 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 $64,000  The rights to this franchise were revoked in November 204  Required  1  This part of the question is not part of your Connect assignment  2  Give the required entries for 204 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 )

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