Allocating Transaction Price to Performance Obligations and Recording SalesSoftware Supplier Inc. sells to a customer a perpetual software license and post-contract customer support for a 12-month period, commencing at the time that the software is activated. Software Supplier Inc. charges $360 upfront when the software is purchased and$24 a month for 12 months, due at the end of the month. Software Supplier Inc. sells the software separately for $480 while the standalone selling price of the post-contract customer support is $240.Note: Carry all decimals in calculations; round the final answer to the nearest dollar.Note: If a journal entry (or a line of the journal entry) isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero).a. How should the transaction price be allocated among the performance obligation(s)?PerformanceObligationsSoftwareCustomer supportTransaction Price as Stated Standalone Selling Price Allocated Transaction Price (rounded)000 $$CheckAccount NameTo record sale of software.0 $00 $b. Prepare Software Supplier's journal entry to record sale of software to the customer and the entry for the first monthly payment.To record first monthly payment from customer.Dr.000000$Cr.000000000

A performance obligation is a commitment made in a legally enforceable agreement with a buyer to…

a. How should the transaction price be allocated among the performance obligation(s)? Performance Obligations Transaction Price as Stated Standalone Selling Price Allocated Transaction Price (rounded) 0 $ 0 0$ Software Customer support $ 0 $ 0 0 $ 0 0 0 and leave b. Prepare Software Supplier's journal entry to record sale of software to the customer and the entry for the first monthly payment.

a. How should the transaction price be allocated among the performance obligation(s)? Performance Obligations Transaction Price as Stated Standalone Selling Price Allocated Transaction Price (rounded) 0 $ 0 0$ Software Customer support $ 0 $ 0 0 $ 0 0 0 and leave b. Prepare Software Supplier's journal entry to record sale of software to the customer and the entry for the first monthly payment.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You have established your performance materiality for accounts payable and revenue; now you must determine the posting materiality for individual items. The materiality judgement is at 4%. What is the posting materiality? Show your work. Your work should look like: APPROPRIATE AMOUNT x MATERIALITY JUDGEMENT = POSTING MATERIALITY
Wincome statement projections ert Design Layout References Mailings Review View Times New R.. 11 - A- A- AaBbCcDdEe AaBbCcDdEe AaBbCcD B U - abe X, x2 A - O A Normal No Spacing Heading 1 To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Company Dhas the following information: Revenue Cost of Goods Sold- Gross Profit- Total operating costs- Operating Income- -150,000,000 -81,825,000 -68,175,000 47,625,000 -20,550,000 Interest Income-- -290,000 -800,000 Interest Expense- Pre-Tax income-- Таx (21%)--- Net Income--- -20,040,000 --4,208,400 -15,831,600 Share outstanding-- Share outstanding for diluted -11,000,000 -12,200,000 Cash- A/R (avg collect Period-30 days) Inventory (Days Inv. Held = 40) Other- Total Current Asset- -11,917,808 --8,967,123 -5,000,000 PP&E--- Less Accumulated Depreciation- Net PP&E- -50,000,000 -10,000,000 -40,000,000 Total current liability 13,842,466 -21,842,466 Total Liabilities--- a. What is the cash amount? b. what is the…
Hello Please provide the journal entry for I.
required:Prepare the preliminary trial balance. Arrange the Accounts in their correct order thank you
Accounting Information System Provide an analysis/explanation of the flow of the payment flowchart of a bookstore who's ordered books from suppliers. Step 1: Payment Step 2: Number of items and type Step 3: Match order form with receiving report Step 4: Prepare voucher for payment Step 5: Owner approves payment
Assessment Directionis: Prepare tht journal entry fur ech trannactiun Use the follewing account rumbers for pooting vofarmmoc. Write your anawora on a noprate sheet of paper. Ansria Revenue 101 Cash 401 Service Roventae 102 Accounts Reccivable ExpenLeK 501 Salarice Expense Rent Expenne S03 Utlities Experse S04 Advertisinng Expense Miscellaneous Expenne 103 Supplica 104 Service Vahicie 502 Linbility 201 Arcounta Payaıle Owner's Equity 505 Angelie, Capital Angelie, Drowingn 301 302 Micbelle Angelie catabliahed Angelie'n Advartiaing Buoiness. The following are that trandactionn for the whole month of October 2019. Michele Angclic deposited P250,000 under the name of the buaines She aoquired a service vebkcln in the amount of F195,000 an aocount. Ot 1. She aoquired supplles for cash worth P57.000. Sho recolved Pg7,500 coalı for palnted ulgna. 10 Sho paid the nonth'a rent amounting to P25,000. 11 Sho pulnted signa for Mundo Mobile an accDunt for P170,000. 12 She pald PS5,000 on account from…
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