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Part I Prepare the appropriate journal entry(ies) for the March monthly close in order to record the following transactions: We just signed a new licensing deal with Customer A where they agreed to pay us $100,000 to license our incredible technology over the next 3 years. The contract has been signed and is effective as of March 18, 2022. After 6 months of negotiation, we recently signed a contract with Vendor A on March 31, 2022 for their new task management software. We’re so excited that we get to lock in special pricing of $275,000 with them for the next 3 years beginning in March, which locks in a 30% discount for their awesome service. In order to lock in the special pricing payment is due immediately upon signing. Last month, one of our employees decided to take advantage of the opportunity we allow employees to early exercise their half of their total stock option grant. Given our company is currently valued at $300 trillion, they sure were happy they were granted 10,000 shares at a strike price of only $2. Par value was also very low at $0.0001. This month we received an invoice from our lawyers that handle all of our trademarking and intellectual property filings. Although March’s bill was for $200,000, we sure are glad we have them to help ensure Dax and our brand is protected all over the globe so we don’t have any infringement by copycat companies spring up in Europe or Asia. We received a $50,000 invoice from our external tax firm for filing our Canadian entities tax return ($35,000) and preparing the US entities quarterly tax estimates ($15,000). Upon review of the financials when closing the books, you see the bill from question 2 above come through in the bills you need to approve in bill.com on April 9th, which you know also syncs with our Quickbooks ledger. What is most likely the issue and correcting entry needed? How would you suggest fixing this process for the future so it doesn’t happen again?
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Accounting Manager

Interviewed at DuckDuckGo

4.4★
Nov 25, 2023

Part I Prepare the appropriate journal entry(ies) for the March monthly close in order to record the following transactions: We just signed a new licensing deal with Customer A where they agreed to pay us $100,000 to license our incredible technology over the next 3 years. The contract has been signed and is effective as of March 18, 2022. After 6 months of negotiation, we recently signed a contract with Vendor A on March 31, 2022 for their new task management software. We’re so excited that we get to lock in special pricing of $275,000 with them for the next 3 years beginning in March, which locks in a 30% discount for their awesome service. In order to lock in the special pricing payment is due immediately upon signing. Last month, one of our employees decided to take advantage of the opportunity we allow employees to early exercise their half of their total stock option grant. Given our company is currently valued at $300 trillion, they sure were happy they were granted 10,000 shares at a strike price of only $2. Par value was also very low at $0.0001. This month we received an invoice from our lawyers that handle all of our trademarking and intellectual property filings. Although March’s bill was for $200,000, we sure are glad we have them to help ensure Dax and our brand is protected all over the globe so we don’t have any infringement by copycat companies spring up in Europe or Asia. We received a $50,000 invoice from our external tax firm for filing our Canadian entities tax return ($35,000) and preparing the US entities quarterly tax estimates ($15,000). Upon review of the financials when closing the books, you see the bill from question 2 above come through in the bills you need to approve in bill.com on April 9th, which you know also syncs with our Quickbooks ledger. What is most likely the issue and correcting entry needed? How would you suggest fixing this process for the future so it doesn’t happen again?

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