Business, 23.10.2019 01:00 pennstatealum

Squeaky shine provides car washing services in jersey city, new jersey. a three-month pass for automatic car wash sells for $60, which entitles the customer for an unlimited number of car washes during the contract period. squeaky shine estimates that pass holders wash their cars equally throughout the three-month period. on december 1st, customers purchased $1,260 of the three-month passes, with usage of the passes occurring evenly throughout the contract period. required: 1. prepare the journal entries that squeaky shine would record on december 1 and on december 31, 2018, with respect to this transaction. 2. state the account titles and amounts that will be included in squeaky shine 2018 income statement and balance sheet.

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