USA Noncash Transaction

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I’m looking for some guidance on how to think through the following real world scenario I have. Thanks in advance.

I have a contract with company ABC to provide me services, and in consideration I agreed to pay $1000. Company ABC has provided the services in full. My entry is:

Dr. COS $1,000
Cr. Accounts Payable $1,000

As of today, I have paid $400. For the remaining $600, I have agreed with company ABC that I do not need to pay them $600 and will instead provide them my business’ marketing services over the next year worth $600 based on the rate card we use to charge regular customers of the business.

Is this as simple as:
Dr. Accounts Payable $600
Cr. COS $600

Are there other P/L entries or liabilities that need to be recorded? Would the $600 be recorded as revenue?
 
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No, you don’t need to record anything at this point since you already recorded cost of services received at the time they were received. Now you will record revenue as you earn it during the next year:
DR Receivables $600
CR Revenue $600
And then settle receivables against payables:
DR Payables $600
CR Receivables $600
 

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