Given the following scenarios,
can/should a firm recognize revenues? Yes or No and why or why
not?   Discuss any journal entries required in each
case.

a.John Paul
Jones, CPA prepares the corporate tax returns for a local furniture
manufacturer for which Jones would normally charge a client $5,000
to prepare.   The local furniture manufacturer pays Jones
by supplying his office with a normal retail selling price of
$6,000. The delivery of the tax returns by Jones and Jones’ receipt
of the furniture both take place on April 1, 2017.

How will Jones record
providing the tax return services and receipt of the office
furniture on April 1, 2017 on his books? If the value of the
furniture was not known ( i.e. it was discontinued furniture
sitting in the manufacturer’s warehouse from years ago), how would
Jones record this transaction?