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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Please read the questions carefully the First question is asking for journal entry.
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. 3. What is the ending balance in the Deferred Revenue account? (Enter your answer in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).)
Subject - account Please help me. Thankyou.
Record the two journal entries: 1) Record the cash sale of gift cards in November 2) Record gift cards redeemed in December Then clarify what the ending balance in Deferred Revenue account
I'm new at this app and I really need your help because tomorrow is the deadline of our modules. Whoever receives this message please I'm begging you to help me. Thank you!
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. 3. What is the ending balance in the Deferred Revenue account? (Enter your answer in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).)
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.
For questions 25-27, your answer will be add on bank side, subtract on bank side, 21. A company sells $23,980 of inventory to a customer on account. The terms are 2/10, n30. If the customer pays in 10 days, write the entry to record receipt of the payment.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Billing charges for Microsoft 365 Commercial licensing. When a customer purchases a subscription and changes the amount during the subscription period, a full refund is credited then prorated for what was used. For example, if a customer purchased 2 subscriptions for the month of June at $15 each, the total charge for the month would be $30. If they decide to return one subscription 5 days later, the full $30 would be credited then a prorated charge for what was used would be applied. Credit $30 Charge $15 Charge $0.5 * 5 = $2.50 $15/30 $0.5 p/day = Total Charge $17.50 Total Credit $12.50 If a customer purchases 10 Microsoft 365 Business Premium licenses at $22 each per month, for a full year then 6 months later decides they only need 5 licenses for the remainder of the year, what would be the total charge and credit for the year?
Complete the following problems on an excel spreadsheet. Number your problems on a different tab. PA3 requires two special journals and a subsidiary ledger. PA3. The following transactions occurred for Donaldson Inc. during the month of July. Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312 Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13 Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178 Jul. 9 Received payment from Palm Springs Inc. Jul. 22 Received payment from Smith Mfg. after expiration of the discount period

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