Fedora’s Vases experienced all of the following events during the month of September 2020. For each transaction, give the correct amount of revenue and expense to be recognized. If nothing should be recognized, enter 0 for your answer. Purchased $6,400 of shipping bubble wrap on account. Revenue recognized: Expense recognized: Used half the bubble wrap purchased above. Revenue recognized: Expense recognized:

Fedora’s Vases experienced all of the following events during the month of September 2020. For each transaction, give the correct amount of revenue and expense to be recognized. If nothing should be recognized, enter 0 for your answer. Purchased $6,400 of shipping bubble wrap on account. Revenue recognized: Expense recognized: Used half the bubble wrap purchased above. Revenue recognized: Expense recognized:

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

Give me correct answer with explanation
On July 18, 2021, Philly Furniture Factory sold 20 reclining rockers to Dave's Discount Furniture for $8,000, subject to terms 2/10, n/30. Philly uses the net method of accounting for sales discounts. Required: 1. Prepare the journal entry to record the sale. 2 & 3. Prepare the journal entries to record receipt of the payment, assuming the correct amount was received on July 26, 2021 and August 15, 2021.
The Accounts Receivable balance and Allowance for Bad Debts for Turning Leaves Furniture Restoration at December 31, 2015, was $10,800 and $2,000 (credit balance). During 2016, Turning Leaves completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. 1925 a. Requirement 1. Journalize Turning Leaves's transactions for 2016 assuming Turning Leaves uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Sales revenue on account, $265,800 (ignore Cost of Goods Sold). Accounts and Explanation Debit .. Credit
Teal Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Teal estimates returns of 20%. Teal sells these planters on account for $1,500,000 (cost $825,000) on January 2, 2020. Customers are required to pay the full amount due by March 15, 2020. Your answer is correct. Prepare the journal entry for Teal at January 2, 202o. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2, Accounts Receivable 1,500,000 2020 Sales Revenue 1,500,000 (To recognize revenue.) Cost of Goods Sold 825000 Inventory 825000 (To record cost of goods sold.) eTextbook and…
Derry Co. is a company in the industry of selling and installing laundry systems, Derry choose financial period ending by December 31. The following were selected from among the transactions completed during 2020. 2019 Oct 10 Sold merchandise to Edin, and received $6,000 cash. The cost of the merchandise sold was $3,800. Nov 13 Sold $25,000 merchandise to Flora, receive $12,000 in cash this day and the rest would follow Derry’s credit policy of 1/15, n/30. The cost of merchandise sold was $15,300. Dec 31 During 2019, Derry Co. offered sales of 30,000 laundry devices with one-year warranty-on-part policy. A provision was made by Derry Co., based on the management’s experience, 900 units (3%) will be defective and that warranty repair costs will average $4 per unit. Journalize this provision. Dec 31 Based on an analysis of the $92,000 of accounts receivable, it was estimated that $9,848 will be uncollectible, given the balance of the account Allowance for doubtful accounts…
Assuming that a Retail Merchandise business purchased 500 numbers of HP three in one printer for OMR 40 each on 1st December 2020 under the credit terms of 5/20, n/60. On 3rd December 2020 the business discovers that 100 numbers of HP three in one Printer are HP two in one. Therefore, the business returned the goods to supplier. On 5th December 2020, the business settles full cash. Which of the following journal entry is correct on 3rd December 2020 assumes that the business uses periodic inventory system? a. Debit Accounts payable OMR 16,000 Credit Cash OMR 15,200 Credit Discount OMR 800 b. Debit Purchase OMR 20,000 Credit Accounts payable OMR 20,000 c. Debit Accounts payable OMR 4000 Credit Purchase return and allowances OMR 4000 d. Debit Accounts payable OMR 20,000 Credit Merchandise Inventory OMR 20,000
Please do not give solution in image format ? And Fast answering please and explain proper steps by Step.
Carson's Bakery operates its business on a calendar year-end and uses 3% of Accounts Receivable to estimate bad debt expense. The company presents the following information at December 31, 2020 before any adjusting entries have been made. Account DR CR Accounts receivable 978,000 Allowance for doubtful accounts 23,750 667,500 Net credit sales What will the company record for bad debt expense? Debit choose your answer... type your answer... Credit choose your answer... type your answer...
On July 10, 2020, Cheyenne Music sold CDs to retailers on account and recorded sales revenue of $658,000 (cost $506, 660). Cheyenne grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2020, retailers returned CDs to Cheyenne and were granted credit of $80,000. Prepare Cheyenne's journal entries to record (a) the sale on July 10, 2020, and (b) $80,000 of returns on October 11, 2020, and on October 31, 2020. Assume that Cheyenne prepares financial statement on October 31, 2020. (To record sales) (To record cost of goods) (To record sales returns) (To record cost of goods returned)
Carson's Bakery operates its business on a calendar year-end and uses 1% of Credit Sales to estimate bad debt expense. The company presents the following information at December 31, 2020 before any adjusting entries have been made. Account DR CR Accounts receivable 978,000 Allowance for doubtful accounts 23,750 667,500 Net credit sales What will the company record for bad debt expense? Debit choose your answer.. type your answer... Credit choose your answer... type your answer...
please provide correct and complete answer in text form with narration explanation calculation formula
Haha