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Use the following information to answer the next two questions (9&10): Alpha Dog received $20,000 in entry fees for a total of 5 competitions. Two
Use the following information to answer the next two questions (9&10): Alpha Dog received $20,000 in entry fees for a total of 5 competitions. Two of the competitions were held in June, two will be held in July, and the final competition will be held in August. 9. Indicate the amount of Deferred Revenue that should be reported in June. $8,000 a. b. $20,000 C. $12,000 d. $0 e. None of the above 10. For the July adjusting entry, how much should be credited to Sales Revenue (i.e., how much Sales Revenue should be recognized in July)? a. $0 b. $4,000 C. $8,000 d. $12,000 e. None of the above
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