determine how much revenue is recognized in December using Acura basic accounting on December 7th Oklahoma City Thunder so a $96 ticket to a baseball game to be played in March
Q: Carrefour issue its own credit card. The sales manager purchase clothes for his family for 900 using…
A: Sales revenue:- A company can generate the sales revenue by selling their goods and through…
Q: Every entry should have narration please Problem 1 November 19, 2020, BG Ltd purchased a mini…
A: Journal Entry for note. BG Ltd purchased mini excavator for $60000. BG Ltd paid cash of $6000 and…
Q: Collected from customer on account on june15 June 15 : sold on account 350,00 to customer In other…
A: Collected from customer on account on june15 June 15 : sold on account 350,00 to customer In other…
Q: Revenue Recognition Principle Heartstrings Gift Shoppe sells an assortment of gifts for any…
A: Accrual Concept of Accounting :— According to this concept, revenue or expense will be recognised in…
Q: Far Away Inc. borrowed $130,000 on October 1 by signing a note payable to Community Bank. The…
A: The adjusting entries are required to be prepared for the transactions that have occurred in a…
Q: You purchase goods on an invoice dated February 5 of a leap year, with terms of 5/10-90X. Calculate…
A: Discount: Price reductions or the sale of anything at a lower price than the item's regular retail…
Q: Question: How would I record these in MYOB account right v19. can you please provide step by step…
A:
Q: Insurance is paid in December for January's premium. In December, the company makes an entry to…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Nov. 30, 2024: ClassicCard collected the fees for the month of November. Assume the November 15 tr…
A: Journal entries are the first step in recording financial transactions. It's based on the double…
Q: 1. Prepare Income Statement and Balance Sheet dated 31 July 2022 by using the following accounts.…
A: Introduction: Financial statements are written papers that summarize the commercial activities and…
Q: Jõurnalizing Lorring Landscaping has the following data for the December 31 adjusting entriee a.…
A: a) Wages Payable = 6,0005x2 days = 2,400 b) Insurance Expense = 4,0002 years = 2,000 c) Supplies…
Q: You may describe how you would record the transaction in the general ledger, including a description…
A: Though the invoice is unpaid, financial reports are presented on an accrual basis so it needs to be…
Q: Received a six-month insurance policy renewal from general insurance company for $1200 paid a meatly…
A: Prepaid expenses are those for which the payment has been made before it occurs. For example,…
Q: due, including interest at 3% per month on the unpaid balance as of May 3. Prepare the entries on…
A: Accounts Receivable (AR) is the proceeds or payment which the company will receive from its…
Q: Sara received an invoice for RO 3000 dated October 20 with terms 2/10, EOM. The last day of credit…
A:
Q: Albert Fernandez maintains 3 small row house units that he rents out to tenants. Below is a trial…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: The terms of sale are 3/20, net/45, May 1 dating. What is the last date the customer may pay in…
A: Meaning of 3/20, net/45 :- 3/20, net/45 means that if the invoice price due is paid within 20…
Q: m #12 of 14 Jenny makes a payment of $18,000 toward rent in June for that month and the following…
A: The objective of the question is to determine the correct method of recording rent expense in the…
Q: At December 31, 2019, Park Beauticians had 1,000 gift certificates outstanding, which had been sold…
A: Unearned Revenue: Unearned Revenue is also called deferred revenue. Unearned Revenue means money…
Q: On January 10 Donna Stark purchases merchandise from Baver Co. for $2,100 but does not pay in cash.…
A: Journal entries consist of all the business transactions. They are recorded in chronological order.…
Q: An invoice for $589 is dated June 19, discount 4/20. Shipping charges are FOB shipping point for the…
A: The terms "4/20" on the invoice indicate a cash discount of 4% if paid within 20 days. The invoice…
Q: Vindows constructs and installs windows for new homes. The sales staff are having a meeting and…
A: The question is related to Ratio Analysis. The days sales uncollected is calculated with the help of…
Q: The business determines that the interest expense on a note payable for the period ending December…
A: Journal entries are primary reporting of the business transactions in the books of accounts. These…
Q: On January 1, Fashion Magazine recelved $16,680 from subscribers for the annual subscriptions that…
A: Unearned revenue is the type of revenue shown on the liability side of the balance sheet as it is…
Q: Lancer, Inc received building with fair value of $400,000 in exchange for 30,000 shares of its $3.00…
A: The asset shall be recorded at fair value of the asset itself or fair value of the shares, whichever…
Q: a. Prepare journal entries to record the credit sales, the collections on account, and the preceding…
A: Journal entries for credit losses involve recording anticipated losses due to accounts receivable…
Q: invoice may 15 date goods are received june 05 terms 3/10,n/30,ROG last day of discount…
A: It has been given in the question that the terms to start the days of the discount is the ROG which…
Q: An invoice for 600 for October 4 And have sales term of 2/10 ROG the merchandise arrive October 6…
A: Sales term 2/10 means if payment is made before 10 days 2% discount will be received.
Q: Marcellus Purse conduct cleaning business on the cradit baie de collects the sccount receivable in…
A: Allowance for doubtful accounts means where account receivables are not going to recover in full and…
Q: Conceptual Connection: For each situation, indicate when the company should recognize revenue on an…
A: The company should recognize of revenue in the month of December.
Q: On January 1, Fashion Magazine received $16,440 from subscribers for the annual subscriptions that…
A: Deferrals in accounting are basically adjustments made to the accounting books prior to the…
Q: Sparkling Pools received a bill for $1,200 for running newspaper ads during the last two weeks of…
A: Sparkling pool has received a bill for running new paper ads which means that it is our expenses…
Q: ne revenue recognition principle (point of sale).
A: There are two bases of Accounting (1) Cash bases Accounting System (2) Accrual bases Accounting…
Q: Record sale of gift cards totaling $8,000. The cards are redeemable for merchandise within one year…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: adjusting journal entry t
A: Since the salary due to be paid on January 3 includes the amount relating to December 31, the…
Q: ULU Hypermarket on March 1st, 2020, sells food product on account to Al Faiha Farm for RO 5,000. The…
A: given that sales are made on Account. sales of RO5000 made on March 1st, 2020. Al Faiha returned…
Q: legant Electronics sells a cellular phone on September 2 for $480. On September 6, Elegant sells…
A: Working Note; Sales tax payable (2nd Sept.)=Sale amount×Tax rate=$480×4%=$19.2
Q: 5. Record the following transactions in Tally Prime Date Amount (in R0) 2021 Jan 1 Cash A/C 11,000…
A: Debit and Credit Account - Every Account has define balance like debit and credit. To increase the…
Q: Billing charges for Microsoft 365 Commercial licensing. When a customer purchases a subscription and…
A: The prorated charge is the charge for the partial use of a service that is calculated proportionally…
Q: Blue, Inc., sells playground equipment to schools and municipalities. It mails invoices at the end…
A: Calculation of above requirement are as follows
Q: Susan Wilson earned a salary of $440 for the last week of October. She will be paid on November 1.…
A: Adjusting entries are those entries that are prepared at the end of an accounting period to adjust…
Q: Elegant Electronics sells a cellular phone on September 2 for $460. On September 6, Elegant sells…
A: Sales tax payable on Sep. 2 Sales = Sales x sales tax rate = $460 x 5% = $23 Sales tax payable on…
Q: Wisconsin Bank lends Local Furniture Company $70,000 on November 1. Local Furniture Company signs a…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Put a child to filing separate situation determine how much revenue is recognized in December using Acura basic accounting on December 7th Oklahoma City Thunder so a $96 ticket to a baseball game to be played in March
Step by step
Solved in 2 steps
- Fill in the missing information on the paystub below, Remember you do non have to complete any YD calculations:HardevIn problems 3 through 8, complete the table one entry at a time by filling in the amount that goes where the red star is. Use the unpaid balance method to calculate interest. Assume an 18% annual interest rate. Unpaid Balance at Beginning of Month Unpaid Balance Purchases Purchases Payments at End of Month Finance Month Charge June $350.10 $ 25.00 $36.75 $ 75.00 July $150.40 $ 0 $200.00 August $208.75 $55.40 $150.00
- Customer Refunds and Allowances Assume the following data for Lusk Inc. before its year-end adjustments: Sales fasthe year $3,600,000 Estimated percent of refunds for the year 0.8% Journalize the adjusting entry for customer refunds and allowances. If an amount box does not require an entry, leave it blank. 88 Sales v Customer Refunds Payable v Feedback Check My Work Sales are reduced by the estimated amount of customer refunds and allowances which are calculated based upon a percentage of sales. Pre Check My Work Subm Save and Exit Email InstructorI am having trouble with my homework Based on the following information and the post-closing trial balance shown below, prepare a balance sheet in report form at December 31 of the current year: The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability. Vacation pay payable: Current liability $7,140 Long-term liability 3,360 The unfunded pension liability is a long-term liability. Notes payable: Current liability $70,000 Long-term liability 630,000 Kornett CompanyPost-Closing Trial BalanceDecember 31, 20Y8 DebitBalances CreditBalances Petty Cash 4,500 Cash 243,960 Notes Receivable 100,000 Accounts Receivable 470,000 Allowance for Doubtful Accounts 16,000 Merchandise Inventory 320,000 Interest Receivable 1,875 Prepaid Insurance 45,640 Office Supplies 13,390 Land 654,925 Buildings 900,000 Accumulated Depreciation—Buildings 36,000 Office…Select all that apply Vance Co. allows employees to take a two week vacation each year. To account for the two weeks off each year, Dante will record an adjusting entry to which of the following accounts? Multiple select question. Credit to Salaries and Wages Payable. Credit to Cash. Debit to Cash. Credit to Vacation Benefits Payable. Debit to Vacation Benefits Expense. Debit to Salaries and Wages Expense.
- Please read the questions carefully the First question is asking for journal entry.Adjustment for Insurance On December 1, a six-month liability insurance policy was purchased for $900. Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) (Balance Sheet)Prepaid Insurance fill in the blank a8cfc50a8015fe0_2 fill in the blank a8cfc50a8015fe0_4 Bal. fill in the blank a8cfc50a8015fe0_5 (Income Statement)Insurance Expense Adj. fill in the blank a8cfc50a8015fe0_6 Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20--Dec. 31 fill in the blank 59564e01b03df92_2 fill in the blank 59564e01b03df92_3 1 2 fill in the blank 59564e01b03df92_5 fill in the blank 59564e01b03df92_6 2Francisco Company has 10 employees, each of whom earns $2,800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger. a. FICA-Social Security Taxes Payable, $3,472; FICA-Medicare Taxes Payable, $812. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.) b. Employees' Federal Income Taxes Payable, $7,000 (llability for February only). c. Federal Unemployment Taxes Payable, $336 (liability for January and February together). d. State Unemployment Taxes Payable, $3,024 (lability for January and February together). The company had the following payroll transactions. March 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $11,284 check is in payment of…
- Prepare journal entries for each of the following sales transactions by Elegant Electronics, including a 3.5% sales tax, and the remittance of all sales tax to the tax board on October 23. Accounts Payable Merchandise Inventory Sales Discount Cash Sales Sale Tax Payable PLEASE NOTE: You must follow the format in the textbook and enter the account names exactly as written above and all dollar amounts will be rounded to two decimal places with "$" and commas as needed (i.e. $12,345.67). Elegant Electronics sells a cellular phone on September 2 for $450: DR DR or CR? CR On September 6, Elegant sells another cellular phone for $500: DR DR or CR? CR The remittance of all sales tax to the tax board on October 23: DR CRDo a journal entry based on this transections, round interest amounts to the nearest dollar,need help with full working and steps thanks answer in text Listed below are selected transactions of Solution Department Store for the current year ending December 31. a. On December 5, the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. b. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. c. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax. d. The store determined it will cost $100,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Solution’s estimates the fair value of the obligation at December 31 is $84,000. Required: Prepare all the journal entries necessary to record the…