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Recording Transactions and Adjustments in the Financial Statement Effects Template (FSET) Deluxe...

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Accounting

Recording Transactions and Adjustments in the Financial Statement Effects Template (FSET)
Deluxe Building Services offers custodial services on both a contract basis and an hourly basis. On January 1, Deluxe collected \$36,180 in advance on a six-month contract for work to be performed evenly during the next six months. Assume Deluxe closes its book and issues financial reports on a monthly basis.
Enter the following transactions in the financial statement effects template:
a. The receipt of the \(\$ 36,180\) cash advance on January 1.
b. The adjustment on January 31 for the contract work done during January.
c. The adjustment on January 31 for 32 hours of unbilled custodial work. The billing rate is \(\$ 14\) per hour.
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