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  3. opened on june 1. a. how many performance obliga

opened on June 1. a. How many performance obligations are included in the...

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Accounting

opened on June 1.
a. How many performance obligations are included in the franchise arrangement?
b. When does the franchisor recognize revenue for each performance obligation?
Sale of equipment
Training and assistance
Upfront fee
c. Prepare the journal entries for the Krispy Donuts franchisor on January 1, March 31, April 1, and June 1.
\table[[Date,Account Name,',Dr.,Cr.],[Jan.1,,hat(),0,0],[,hat(),0,0],[Mar.31,,=,0,0],[,,0,0],[Apr.1,,,0,0],[,hat(),0,0],[To record sale of equipment.,,,],[Apr.1,,hat(),0,0],[,**,0,0],[To record cost of equipment.,,,],[June 1,,hat(2),0,0],[,hat(),0,0]]
d. Assuming the franchisor has a December 31 year-end, prepare any journal entries required on December 31.
\table[[Date,Account Name,Dr.,Cr.],[Dec.31,hat(),0,0],[,,0,0]]
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