Prepare the necessary journal entries, Accounting Basics

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Prepare the necessary journal entries

On Apr 1 2008, OB Company entered into a 10 yearfranchise agreement with a group of individuals.The firm recevies a$300000 initial franchise fee & agrees to assist in the designof the building, help secure financing & provide managementadvice over the 1st half of the franchise agreement.A down payment of 20% of the franchise fee is due onApr 1 2008.

The remaining 80% is to be payable in 8 equalinstallments beginning on Apr 1 2009. Assume that services to beperformed by OB Company between Apr 1 2008 & Aug 15 2008, thedate the franchise opened, are substantial & that theinstallment receivable is reasonably collectible. Also assume thatsubstantial performance of the intial services has occured as ofAug 15 2008.Prepare the necessary journal entries for OBCompany for April 1 & 15 2008.

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Accounting Basics: Prepare the necessary journal entries

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Accounting Basics: Prepare the necessary journal entries

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Recent Questions Asked Accounting Basics

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Accounting Basics: Prepare the necessary journal entries

Reference No:- TGS0718661

Recent Questions Asked Accounting Basics

Q : What amount should seldin report

Q : Determine rate of heat transfer from the pipe

Q : Positive and negative charge on the axis

Q : What are the total gross number of units to be assigned cost

Q : Prepare the necessary journal entries

Q : What method of depreciation will give the highest amount

Q : What electric field strength should plates be designed

Q : How many units have been transferred out to finished goods

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