Charlie Financial Services performs bookkeeping and tax-reporting services to startup companies in the Oconomowoc area...

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Accounting

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Charlie Financial Services performs bookkeeping and tax-reporting services to startup companies in the Oconomowoc area Un January 1,2025, Charlie entered into a 3-year service contract with Bramble Tech. Bramble promises to pay $9,500 at the beginning of each year, which at contract inception is the standalone selling price for these services. At the end of the second year, the contract is modified and the fee for the third ycar of services is reduced to $7,500. In addition, Bramble agrees to pay an additional $19,000 at the beginning of the third year to cover the contract for 3 additional years (i.c, 4 years remain after the modification). The ortended contract services are similar to those provided in the first 2 years of the contract. (a) Prepare the journal entries for Charlie in 2025 and 2026 related to this service contract. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter ofor the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) List of Accounts Attempts 0 of 7 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above

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