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Consider the following two scenarios:
Case A On February X JJJ Inc. upgraded its windows and doors in order to make the building greencertified. The upgrades have a year useful life. JJJ will receive a rebate on total cost if it can demonstrate reduced utilities draw by over a year period. The funds are received up front, upon submission of the costs. A report is filed annually over the next years. Total amount spent on upgrades: $
Case B RBH Inc. was provided with a $ forgivable loan to help offset increased sick pay that was mandated by the government. The loan is intended to provide relief for the first years of the program.
Required:
Prepare the journal entries:
Under both the net and the deferral method
If it is netted against expenses or recorded as income
If no entry is required for a transactionevent select No journal entry required" in the first account field.
This part of the question is not part of your Connect assignment.
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