2.Assume that significant uncertainty exists as to the collection of the installment receivable and that OliveBranch elects to recognize initial franchise fee revenue using the installment sales method. Prepare thenecessary journal entries for the dates listed in requirement 1 (ignore interest charges on the installmentreceivable and the costs of providing franchise services).(If no entry is required for atransaction/event, select "No journal entry required" in the first account field.) General Journal Learning Objective: Appendix 5 Revenue Recognition Franchises (Revenue Recognition Prior ASU 201409). eBook & Resources References
24.Award: 10.00 pointsProblems? Adjust creditfor all students.Required information3.Examine your answer to the above requirement of this problem (the January 30, 2016, journal entryunder the installment sales method). What is the effect of that journal entry on Olive Branch’s balancesheet? (Ignore cash.) Financial Statements Learning Objective: Appendix 5 Revenue Recognition Franchises (Revenue Recognition Prior ASU 201409). eBook & Resources References
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