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 purchases of the passes occurring evenly throughout december. required: 1. prepare the journal entries that squeaky shine would record on december 1 and on december 31, 2016, with respect to this transaction. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. do not round intermediate calculations.) 2. state the account titles and amounts that will be included in squeaky shine’s 2016 income statement and balance sheet.

Explanation:

1. The journal entries are shown below:

On December 1

Cash A/c Dr $1,260

     To  Deferred Service Revenue $1,260

(Being cash is received)

On December 31, 2016

Deferred Service Revenue $420                 ($1,260 ÷ 3 months)

      To Service revenue                    $420

(Being service revenue is recorded)

2. Income statement

Earned income from car washing services    $420

Balance sheet

Assets

Cash              $1,260

Liabilities

Deferred Service Revenue       $840        ($1,260 - $420)

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

answerall of these;