mapter 8 Quiz i4In January 2021, Summit Department Store sells a gift card for $50 and receives cash. In February, 2021, the customer comes back and spends $20 of the gift card to purchase a water bottle. What wouldbe the appropriate journal entry for the sale of the gift card in January?xMcGrawHillMultiple Choicen schedule for the bondshttps://play.gooCalculatorDebit Cash, $50; credit Sales Revenue, $50.Debit Cash, $50; credit Deferred Revenue, $50.Debit Sales Revenue, $20; credit Cash, $20.No journal entry is necessary.A100Highlight All8063JUL 110Match Case Match Diacritics6000< PrevF4F54 of 10Whole WordsScore answer >MacBook AirF6→JAF7DIIFBDDF9F10(1)

Name: mapter 8 Quiz i4In January 2021, Summit Department Store sells a gift
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: mapter 8 Quiz i4In January 2021, Summit Department Store sells a gift card for $50 and receives cash. In February, 2021, the customer comes back and spends $20 of the gift card to purchase a water bottle. What wouldbe the appropriate journal entry f

The process of recording business transactions in the books of accounts for the first time is…

Business

Accounting

In January 2021, Summit Department Store sells a gift card for $50 and receives cash. In February, 2021, the customer comes back and spends $20 of the gift card to purchase a water bottle. What would be the appropriate journal entry for the sale of the gift card in January? Multiple Choice Debit Cash, $50; credit Sales Revenue, $50. Debit Cash, $50; credit Deferred Revenue, $50. Debit Sales Revenue, $20; credit Cash, $20. No journal entry is necessary.

In January 2021, Summit Department Store sells a gift card for $50 and receives cash. In February, 2021, the customer comes back and spends $20 of the gift card to purchase a water bottle. What would be the appropriate journal entry for the sale of the gift card in January? Multiple Choice Debit Cash, $50; credit Sales Revenue, $50. Debit Cash, $50; credit Deferred Revenue, $50. Debit Sales Revenue, $20; credit Cash, $20. No journal entry is necessary.

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

a local shoe outlet ordered 30 pairs of tennis shoes from nike corporation. The shoes were priced at $75 for eaxh pair with the following terms: 4/10, 2/30, n/60. The invoice was dated october 15. The store sent in a payment on October 28. What should have been the amount of the check?
In Quickbooks Online 2023, which window would these transactions be recorded in? For example: the receive payment window, sales receipt window, deposit window, invoice window, etc. April 1 Received a six-month insurance policy renewal from General Insurance Co. for $1,200, paid immediately, Check No. 72. April 3 Purchased $500 of office supplies on account from the Office Supply Store, Invoice No. 285, Net 30 Days. Jen expects office supplies to last 3 months April 6 Purchased 25 cans of tennis balls from Sporting Goods, Inc., at $2 per can, paid immediately, Check No. 73. April 6 Provided 2 hours of tennis lessons (owner) at $25 each and 2 hours of tennis court services at $30 each on account to the Davis Family, Invoice No. 1150, Net 30 Days. April 9 Received payment in full from Bayside Youth Group, Check No. 11725. Use the Undeposited Funds account in recording all Receive Payments transactions April 9 Sold 4 tennis rackets for $100 each and 4…
Journalise the following transactions in the books of Mr.K: 2020 March 01-Sold goods on credit to Mr.M=75,000 12th March-Purchased goods on credit from Mr.B=70,000 15th March-Sold goods for cash to Mr.D=50,000 20th March-Received from Mr.M=70,000 25th March-Paid to Mr.B=50,000
Good day, please may you help me with accounting debtors journal and allowances on Nerina traders a gift shop situated in Illovo. debtors journal headings day,details,debtors controloutput vat,sales debtors allowances headings day,debtors control,input vat ,sales return
Please show all the work.
Jounalize all entries required for First Place Running Shoes. ( Record debits first, then credits. Select the Explanation on the last line of the journal entry table.) May 3, 2018: Recorded credit sales of 100,000. Ignore Cost of Goods Sold. Oct 1, 2018: Loaned $18,000 to Tess Philip, an executive with the company, on a one-year 7% note. Dec 31, 2018: Accrued interest revenue on the Phillip note. Oct 1, 2019: Collected the maturity value of the Phillip note. (Prepare a single compound journal entry.)
Please read the questions carefully the First question is asking for journal entry.
Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. Additional information: • Lamplight purchases 25 light fixtures for $25 each on August 1, invoice date August 1, with no discount terms. Lamplight returns 5 light fixtures (receiving a credit amount for the total purchase price per fixture of $25 each) on August 3. • Lamplight purchases an additional 15 light fixtures for $10 each on August 19, invoice date August 19, with no discount terms. • Lamplight pays $130 toward its account on August 22. What amount does Lamplight Plus still owe to the supplier on August 30? What account is used to recognize this outstanding amount?
In November, Year 2, your accounting firm placed a one-time website advertisement with Today's CPA. This is your first ad with this vendor. You pay for the one-time advertising with your company's Citibank Visa credit card. Below is the transaction you completed for this purchase. If you run the report Transaction List by Vendor, for all dates, what dollar amount will appear under the vendor Today's CPA? Why? Teacher Feedback: was the expense form completed properly?
Monty Clothing is a retailer in Atlanta, Georgia. The company sells gift cards and records the cash received in the Unearned Sales Revenue account. Presented below is the unadjusted trial balance for Monty Clothing as of December 31, 2022. MONTY CLOTHINGUnadjusted Trial BalanceDecember 31, 2022 Debit Credit Cash $ 29,800 Accounts Receivable 7,000 Inventory 39,600 Accounts Payable 7,200 Unearned Sales Revenue 5,500 Owner’s Capital 65,500 Owner’s Drawings 4,500 Sales Revenue 258,400 Sales Returns and Allowances 4,200 Sales Discounts 2,500 Interest Revenue 1,300 Cost of Goods Sold 137,400 Advertising Expense 9,600 Salaries and Wages Expense 64,700 Rent Expense 26,900 Utilities Expense 11,700 Totals $337,900 $337,900 Adjustment data: 1. Customers used gift cards to…
Please do not give solution in image format thanku
Travel Planners, Incorporated borrowed $5,000 from First State Bank and signed a promissory note. What entry should Travel Planners record when the note is repaid?