A company is the number one online music retailer through its iTunes music store. The company sells iTunes gift cards in$15, $25, and $50 increments. Assume the company sells $19.9 million in iTunes gift cards in November, and customersredeem $12.9 million of the gift cards in December.Required:1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event,select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 should beentered as 5,500,000).)View transaction listJournal entry worksheet12>Record the receipt of cash for gift cards.Note: Enter debits before credits.DateGeneral JournalDebitCreditNovember 30

Sales of gift cards are not revenue unless they are redeemed. Till the redemption, they are unearned…

Answered: A company is the number one online…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5EB: Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On...

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Required information [The following information applies to the questions displayed below.] Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $19.2 million in iTunes gift cards in November, and customers redeem $12.2 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/levent, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 should be entered as 5,500,000).) Journal entry worksheet 2 Record the receipt of cash for gift cards. Note: Enter debits before credits. Date General Journal Debit Credit November 30 Record entry Clear entry View general journal
Required information [The following information applies to the questions displayed below.] Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $19.0 million in iTunes gift cards in November, and customers redeem $12.0 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 should be entered as 5,500,000).)
Please read the questions carefully the First question is asking for journal entry.
Subject - account Please help me. Thankyou.
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Directions: Show complete solutions. Take a picture of your solutions and paste in word. Submit the word file version to my email no later than 10:30am today. Thanks. Problem 1: Quarry Company, a manufacturer of small tools, provided the following information for the year ended December 31, 2020. Inventory at December 31, based on physical count – P1,750,000 Accounts payable at December 31 – P1,200,000 Net sales – P8,500,000 Additional information: Included in the physical count were tools billed to a customer FOB shipping point on December 31, 2020. These tools had a cost of P28,000 and were billed at P35,000. The shipment was in loading dock waiting to be picked up by the common carrier. Goods in transit from a vendor to Quarry Company on December 31, 2020. The invoice cost was P50,000 and the goods were shipped FOB shipping point on December 29, 2020. Work in Process inventory costing P20,000 was sent to an outside processor for plating on December 30, 2020. Tools returned by…
an online retailer selling tennis supplies. HST is calculated by the web software for every sale at a rate of 13%. Sales (before tax) for the last month was $125,000. All sales are on debit card or bank credit card. Cost of goods sold is 75% of sales and a perpetual inventory system is used. This information needs to be entered into the accounting system. Instructions (a) Calculate the amount of HST. (b) Prepare the journal entry to record the sales, sales taxes, and cost of goods sold. (c) Record the journal entry to record sending the collected HST to the government.
eBook Consider the following transaction: On March 6, Fun Cards sells 570 card decks with a sales price of $9 per deck to Padma Singh. The cost to Fun Cards is $3 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 3% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card.
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