H&R Wholesalers is a retailer providing low cost, bulk items to small companies. Companies must pay an annual membership fee of $100 to access H&R's warehouses. H&R received yearly membership fees from 420 companies on August 1, 2019.   At December 31, 2019, calculate the remaining amount of Unearned Revenue and the account balance of the Revenue account. Round amounts to the nearest dollar.   Unearned revenue $fill in the blank 1 Revenue

Q: Accounts and Notes Payable On February 15, Barbour Industries buys $800,000 of inventory on credit.…

A: Liabilities: Liabilities are the obligation of the business or amount payable by the business.…

Q: During December Far West Services makes a $3,000 credit sale. The state sales tax rate is 6% and the…

A: Formula: Total sales tax = State sales tax + Local sales tax where. State sales tax = Sales x State…

Q: on december 1, 2019, pinewood company sold machinery to a customer for $2000. pinewood regularly…

A: Note Receivable: A written promise from a client or customer to pay a definite amount of money on a…

Q: Vaughn Auto Supply does not segregate sales and sales taxes at the time of sale. The register total…

A: Sales Tax Payable = Total Sales / (100% + Sales Tax %) * Sales Tax % = $42,000 / (105%) * 5% = $…

Q: Record journal entries for the following transactions of Telesco Enterprises. Jan. 1, 2018 Issued a…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: On 10 July 2021, Pop Music sold CDs to retailers on account and recorded sales revenue of $700,000…

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: During December, Far Eas Services makes a credit sale of $2,200 (before sales taxes). The state…

A: Journal entry is the first stage of the accounting process.Journal entry is used to record business…

Q: Doll Company is selling sounds and lights equipment. The company's fiscal year ends on March 31. The…

A: Trade payables refers to liabilities arising due to the primary activities of a entity such as…

Q: Monty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine…

A: Cash is an asset. Increase in cash should be debited and decrease in cash should be credited.…

Q: Belarmino COMPANY sells its products in expensive, reusable containers.  The customer is charged a…

A: The transaction, which is measurable in monetary terms, is an economic event with a third party…

Q: 10% sales tax.

A: Calculate Sales tax Payable as follows: Sales tax  Payable=Sales100+ Taxrate×Tax rate…

Q: Olaf Inc. sells home improvement magazine subscriptions to customers.  On September 30, 2020, the…

A: Given that the company sold 13,500 subscriptions for $16 each. Total amount collected = 13,500 x $16…

Q: a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the…

A: Journal Entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Instructions (a) Prepare the entry in NOV the receipt of the subscriptions. (b) Prepare the…

A: Unearned subscription Revenue: Unearned subscription Revenue refers to the amount received from the…

Q: On February 15, Barbour Industries buys $800,000 of inventory on credit. On March 31, Barbour…

A: The objective of the question is to prepare the necessary journal entries for Barbour Industries…

Q: On October 12, Equipment Incorporated sells $53,000 worth of equipment on account to a credit…

A:

Q: asota grants the right to return CDs that do not sell in 3 months following delivery. Past…

A: Journal entry Journal entry is a set of economic events which can be measured in financial terms.…

Q: . What amount of warranty expense should be shown on Crassula's income statement for the year ended…

A: Warranty Expenses The price that a business expects to pay for the replacement or restoration of…

Q: Golf Pro Publications publishes a golf magazine for women. The magazine sells for $3 a copy on the…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: n November 1, 2019, Sherman Company sold $20,000 of merchandise inventory to a customer that…

A: When the goods are sold on credit, interest is charged from the customer for the delay made by him…

Q: Record journal entries for the following transactions of Telesco Enterprises. Jan. 1, 2018…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Tomm Wholesalers sells construction equipment to small home builders. The following pertains to…

A: Allowance for doubtful debts is considered as the contra asset item i.e used to decrease the value…

Q: HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following transactions…

A: To keep records of cash transactions, journal entries are used. To create a journal entry, you join…

Q: On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day, 10 percent note from a customer at…

A: Introduction: Journals: 1 ) Journals are book of prime records. 2 ) All the business transactions…

Q: Vikrambhai

A: To record the receipt of subscriptions in November:Debit to Cash: This represents the increase in…

Q: Required Information [The following information applies to the questions displayed below.] Evans…

A: Unearned revenue:   When cash is received in advance and goods and services are not delivered yet,…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.