going in circles on when revenue is recognized - contract date? but no service provided til 2/1
have been thinking about this tooo long and losing marbles
5. On 1/1/21 the company just signed a contract with Acme for a one-year $1,000,000 subscription effective 2/1/21 for a 12-month period. The invoice needs to be created and dated 1/15/21.
a. When creating the invoice for annual payment in February, which accounts should be debited/credited to note the receivable?
b. What other information might you need from the contract to have an accurate/complete invoice?
c. If the invoice for annual payment is entered into the accounting system dated 2/15/21 what accounts might need to be debited/credited for the month-end of 1/31/21?
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