Exercise 8-11 (Algo) Record gift card transactions (L08-4) Vall is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vall sells gift cards (lift passes) for $102,000. The gift cards are redeemable for one day of skling during the upcoming winter season. The gift cards expire on April 1, 2025. Customers redeem gift cards of $20,200 in December. $30,200 in January, $25,200 in February, and $15,200 in March. Required: 1. to 4. 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.) View transaction list Journal entry worksheet 1 2 3 4 Record the sale of gift cards on October 1, 2024.

Exercise 8-11 (Algo) Record gift card transactions (L08-4) Vall is one of the largest ski resorts in the United States. Suppose that on October 1, 2024, Vall sells gift cards (lift passes) for $102,000. The gift cards are redeemable for one day of skling during the upcoming winter season. The gift cards expire on April 1, 2025. Customers redeem gift cards of $20,200 in December. $30,200 in January, $25,200 in February, and $15,200 in March. Required: 1. to 4. 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.) View transaction list Journal entry worksheet 1 2 3 4 Record the sale of gift cards on October 1, 2024.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Interest During Construction Dexter Construction Corporation is building a student condominium complex; it started construction on January 1, Year 1. Dexter borrowed $1 million specifically for the project by issuing a 10%, 5-year, $1 million note, which is payable on December 31 of Year 3. Dexter also had a 12%, 5-year, $3 million note payable and a 10%, 10-year, $1.8 million note payable outstanding all year. In Year 1, Dexter incurred costs as follows: January 1 $260,000 March 1 540,000 June 30 1,000,000 November 1 420,000 Calculate Dexter's capitalized interest on the student condominium complex for Year 1. Capitalized interest =
Please Answer with Explanation complesari
please dont provide answer in image format thank you
Solve for the cash remittance
choose the correct answer (make sure the answer is correct 100%) Fancy Fish Company offers a cash rebate of $0.25 on each $12 package of fish food sold during 2022. Historically, 10% of customers mail in the rebate form. During 2022, 5,000,000 packages are sold, and 150,000 $0.25 rebates are mailed to customers. What is the rebate expense and liability, respectively, reported in the company's 2022 financial statements? a. $37,500; $87,500 b. $125,000; $87,500 c. $125,000; $37,500 d. $125,000; $125,000
What is the liability for the outstanding premiums at year-end?* a. 2,000,000 b. 562,500 c. 2,250,000 d. 500,000
Question 4: Jerry's Concrete allows his customers to create six-month promissory notes on any stamped concrete driveway project with interest at 8.9%. Three months after completing a $17,300 job on February 2, 2022, Jerry had some liquidity problems and sold the promissory note to a financial institution at a simple interest rate of 10.35%. Calculate Jerry's proceeds on the sale
None
Revenue Recognition Policy Decisions. For each of these situations, describe the revenue recognition policy that you believe that the company should follow. An international health club sells lifetime memberships costing $1,500 which allow the purchaser unlim-ited use of any of the club’s 300 facilities around the world. The initiation fee may be paid in 36 monthly installments, with a two percent interest charge on any unpaid balance. Franklin Motors, Inc., has always offered a limited, 36-month warranty on its cars and trucks, but to counter the significant competition in the industry, the company has come to the conclusion that it must do something more. With that in mind, the company developed a new warranty program: For a $1,500 payment at the time of purchase, a customer can buy a seven-year warranty that will cover replacement of almost all parts and labor. The purchased warranty expires at the end of seven years or when the customer sells the vehicle, whichever occurs first.…
1. ProWasher began production of a new dishwasher in June 2023, and by December 31, 2023 had sold 100,000 units to various retailers for $500 each. Each dishwasher is sold with a one-year warranty included. The company estimates that its warranty expense per dishwasher will amount to $25. Warranties similar to these are available for sale for $75. By year end, the company had already paid out $1 million in warranty expenditures on 35,000 units. ProWasher’s records currently show a warranty expense of $1 million for 2023. 2. ProWasher’s retail division rents space from Park Malls. ProWasher pays a rental fee of $6,000 per month plus 5% on the amount of yearly profits that is over $500,000. ProWasher’s CEO, Burt D. Washer, tells you that he had instructed the previous accountant to increase the estimate of bad debts expense and several other estimates in order to keep the retail division’s profits at $475,000. 3. ProWasher’s lawyer, Anna Turney, informed you that ProWasher has a…
1. Assume that George Mason Medical Center has investments in a Building Replacement Fund with the following balances as of July 15, 2022 listed by category. The Investment Committee of the Board has approved a recommendation to reallocate these funds, and to include for the first-time common stocks from non-US companies. Assume that the portfolio will be rebalanced on August 1, 2022, to equal the Board's targeted desired allocation percentages. George Mason Medical Center Recommended Asset Allocation for Building Replacement Fund Rebalancing of Investment Portfolio as of July 15, 2022 Investment Description Cash and Cash Equivalents Fixed Income - Domestic Bonds Fixed Income - International Bonds Equities Large Cap Growth Equities - Large Cap Value Equities- Mid/Small Cap Growth Equities - Mid/Small Cap Value Equities International Total S Balance on 7/15/2022 12,000,000 32,000,000 10,000,000 13,000,000 25,000,000 11,000,000 12,000,000 S 115.000.000 Current Allocation % 10.4% 27.8%…
Problem 9. At December 31, 2021, Cactus Co. had 10,000 gift certificates outstanding which had been sold to customers during 2021 for P100 each. Cactus operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 10,000 outstanding gift certificates should be deferred at December 31, 2021?