Record the journal entry required at the date of contract

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Reference no: EM133928440

Problem

Jack's tutoring has the following information about a bundled package they provide to their customers. Customer is Jill 1 customer Date of contract 10/1/X7 Tutoring begins 10/1/X7 Tutoring happens for 12 months Workbook is provided to the customer at the date the contract is signed Contract signed on 10/1/X7 Workbook cost Jack's tutoring to purchase $33 Workbook is the customer's to keep Price of workbook if customer buys separately $78 Price charge for tutoring if customer buys separately $1,900 Customers are charged the following lower bundled amount for BOTH the workbook and the tutoring $1,850 Jack's Tutoring Year End is 12/31/X7 The customer pays at the contract date for BOTH the tutoring services and the accounting workbook. Assume that Jack's only makes ONE entry for all revenue earned in a given month at the END of the month. ALL COMPUTATIONS ARE FOR ONE STUDENT. Get the instant assignment help. Record the journal entry required at the date of the contract. What is the impact on the liability section of the balance sheet. Input an amount.

Reference no: EM133928440

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