Awree Natcatnotus Inc had the following select transactions with Green Landscaping Inc between September 2021 to December 2021. 1. September 7: Awree Natcatnotus provided business consulting services of $25,000 and billed Green Landscaping Inc for the services. Green Landscaping will be in 30 days. 2. September 12: Awree Natcacnotus signed a $42,000 six-month consulting contract with ABC Tutors. Services will commence in January of next year and payment will be made monthly after services start. 3. October 6: Green Landscaping paid the $25,000 it owed, 4. October 12: Awree Natcatnotus received $25.000 from Green Landscaping for services to be provided over the next two months. 5. October 25: Awree Natcacnotus provided business consulting services worth $17.000 and billed Green Landscaping. Green Landscaping acknowledged the invoiced and agreed to the amount. 6. November 27: Awree Natcacnotus provided business consulting services worth $12.000 and billed Green Landscaping. Green Landscaping acknowledged the invoiced and agreed to the amount, and promised to pay any balance not covered by the $25,000 paid on October 12 within 15 days. 7. December 5: Awree Natcatnotus received $40.000 from Green Landscaping being payment of past services and any remaining balance to be applied towards payment for future services. REQUIRED: Using the above six transactions, how much total revenue should Awree Natcacnotus Inc record? Explain.
Awree Natcatnotus Inc had the following select transactions with Green Landscaping Inc between September 2021 to December 2021. 1. September 7: Awree Natcatnotus provided business consulting services of $25,000 and billed Green Landscaping Inc for the services. Green Landscaping will be in 30 days. 2. September 12: Awree Natcacnotus signed a $42,000 six-month consulting contract with ABC Tutors. Services will commence in January of next year and payment will be made monthly after services start. 3. October 6: Green Landscaping paid the $25,000 it owed, 4. October 12: Awree Natcatnotus received $25.000 from Green Landscaping for services to be provided over the next two months. 5. October 25: Awree Natcacnotus provided business consulting services worth $17.000 and billed Green Landscaping. Green Landscaping acknowledged the invoiced and agreed to the amount. 6. November 27: Awree Natcacnotus provided business consulting services worth $12.000 and billed Green Landscaping. Green Landscaping acknowledged the invoiced and agreed to the amount, and promised to pay any balance not covered by the $25,000 paid on October 12 within 15 days. 7. December 5: Awree Natcatnotus received $40.000 from Green Landscaping being payment of past services and any remaining balance to be applied towards payment for future services. REQUIRED: Using the above six transactions, how much total revenue should Awree Natcacnotus Inc record? Explain.
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5PB: Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet...
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Transcribed Image Text:Awree Natcatnotus Inc had the following select transactions with Green Landscaping Inc between September 2021 to December
2021.
1. September 7: Awree Natcatnotus provided business consulting services of $25,000 and billed Green Landscaping Inc for the
services. Green Landscaping will be in 30 days.
2. September 12: Awree Natcacnotus signed a $42,000 six-month consulting contract with ABC Tutors. Services will commence in
January of next year and payment will be made monthly after services start.
3. October 6: Green Landscaping paid the $25,000 it owed,
4. October 12: Awree Natcatnotus received $25,000 from Green Landscaping for services to be provided over the next two
months.
5. October 25: Awree Natcacnotus provided business consulting services worth $17.000 and billed Green Landscaping. Green
Landscaping acknowledged the invoiced and agreed to the amount.
6. November 27: Awree Natcacnotus provided business consulting services worth $12.000 and billed Green Landscaping. Green
Landscaping acknowledged the invoiced and agreed to the amount, and promised to pay any balance not covered by the $25,000
paid on October 12 within 15 days.
7. December 5: Awree Natcatnotus received $40.000 from Green Landscaping being payment of past services and any remaining
balance to be applied towards payment for future services.
REQUIRED: Using the above six transactions, how much total revenue should Awree Natcacnotus Inc record? Explain.
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