146. Requirement: Make the journal entries for both of the following:(a) On December 1, $12,500 was received for a service contract to be performed from December 1 through until April 30. (b) If the...

146. Requirement: Make the journal entries for both of the following:


(a) On December 1, $12,500 was received for a service contract to be performed from December 1 through until April 30.



(b) If the service work for this contract is performed evenly and on a regular basis throughout this period, prepare the adjusting journal entry as of year-end, December 31.

147. On December 31, the balance in the Office Supplies account is $1,385. A count shows $435 worth of supplies on hand. Prepare the adjusting entry for supplies.

12/31Office Supplies Expense950

148. Depreciation on equipment for the year is $900.
(a) Record the journal entry if the company adjusts its account once a year.
(b) Record the journal entry if the company adjusts its account on a monthly basis.