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there are 3 total parts. this is part 2 of the question Norfolk Horizons, Inc. sells mobile phones, wireless plans, and service plan packages. Norfolk
there are 3 total parts. this is part 2 of the question
Norfolk Horizons, Inc. sells mobile phones, wireless plans, and service plan packages. Norfolk Horizons packages the following items for sale. Click the icon for sales information.) Norfolk Horizons has determined that each item is a separate performance obligation. A customer purchases a new phone package on September 1. Read the requirements Requirement b. Prepare the journal entries for the month of September, assuming Norfolk Horizons makes adjusting entries on September 30. Begin by preparing the journal entries to record the revenue recognized. (Record debits first, then credits. Exclude explanations from any journal entries.) Account September 1 Package Phone Wireless Plan per month Amount Description $ 200.00 Paid when customer purchases the phone. 35.00 Unlimited calling. Minimum coverage of 12-months. Paid monthly 25.00 12-month coverage. Paid when customer purchases the phone. $ 260.00 Service Plan per month Total When Purchased Requirement b. Prepare the journal entries for the month of September, assuming Norfolk Horizons makes adjusting entries on September 30. Begin by preparing the journal entries to record the revenue recognized. (Record debits first, then credits. Exclude explanations from any journal entries.) Account September 1 Norfolk Horizons, Inc. sells mobile phones wireless plans, and service plan packages. Norfolk Horizons pa th Accounts Payable separate performance obligation. A customer purchases n F Accounts Receivable Cash Deferred Revenue - Service Plan F month of September, assuming Norfolk Horizons makes a Deferred Revenue - Wireless Plan E e revenue recognized. (Record debits first, then credits. Excl Revenue - Service Plan Revenue - Wireless Plan September 1 Sales Return Sales Revenue Step by Step Solution
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