On december 12, 2018, pace electronics received $43,200 from a customer toward a cash sale of $432,000 of diodes to be completed on january 16, 2019. what journal entries should pace record on december 12 and january 16? (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

cash 43,200

unearned services 43,200

to reord payment in advance

account receivables 388,800

unearned services       43,200

           service revenue               432,000

to record completion of diodes request of December  12th

Explanation:

the accounting will match revenues with the time at they occur.

Also it will follow conservatism principles and do not recognize revenue until is secure.

Because, the customer may cancel the request it will not recognize any revenue until the goods are delviered andaccepted from the customer.

That occurs on January 16th so hthe revenue will be in that entry.

For Deceber 12th the reception of cash will be against unearned revenue as on that date, the company takes the obligation to do the job.

lbc corporation makes and sells a product called product wz. each unit of product wz requires 4.1 hours of direct labor at the rate of $20.00 per direct labor-hour. management would like you to prepare a direct labor budget for june. the company plans to sell 28,000 units of product wz in june. the finished goods inventories o