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

Related questions

Q: Record the following transaction in simple cash book for November 2020: 01 Cash in hand 12,500 04…

A: The question is based on the concept of Business Accounting.

Q: Review the following transactions: A. On March 2, Olinda Pet Supplies receives advance cash payment…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Prepare journal entries for the following transactions from Cars Plus. Oct. 18 Customer Angela Sosa…

A: Credit card Service charges = Sales revenue x service charges % = $136,980 x 3% = $4,109.40

Q: PB&J Cafe has the following transactions that need to be recorded: On April 7, 2019, $250 for…

A: Journal Entry is the record of all the business transactions in the accounting books of the…

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: Review the following transactions: A. On March 2, Olinda Pet Supplies receives advance cash payment…

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

Q: 1.Because of the loan, you have to provide the bank with your financial statements at the end of the…

A: Financial statement: Statements prepared at the end of the accounting year to report the summary of…

Q: 1.Because of the loan, you have to provide the bank with your financial statements at the end of the…

Q: Chelsea's Boutique received an invoice dated August 30th for $1,875.00, with terms of 2/10, 1/15,…

A: The companies gives discount for cash payments but if the payment done within that period but not…

Q: b. On January 2, 2019, Hitech Computer Consultants purchased flash drives, paper, and other supplies…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: A fast food restaurant sells gift cards, which may be redeemed at any time; however, they expire in…

A: A fast food restaurant sells gift cards, which may be redeemed at any time; however, they expire in…

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: Review the following transactions: A. On March 2, Olinda Pet Supplies receives advance cash payment…

A: Journal Entry: Journal entry refers to the entry which is made to record the transactions which are…

Q: An invoice for a laptop computer that costs $625.68 is dated September 15, with sales terms of 3/10…

A: 3/10 EOM : Here, EOM stands for the End of month and 3 represents the discount rate if payment is…

Q: Davis Woodworking accepts credit cards at its store. Davis' credit card processor charges a fee of…

A: Lets understand the journal entry..Journal entry is required to make to record event and transaction…

Q: Mar. 31) The company paid $1,000 cash for this month’s utility bill. Note: Enter debits before…

A: Recording of journal entries is one of the starting step of accounting cycle process. Under this,…

Q: On December 1, 2022, Surf Clinic provided services to a customer on account for $4,000 with discount…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Using the appropriate window, (QuickBooks online) record the following transactions for June 2023:…

A: Journal entries are the first step of the accounting process where the transactions are recorded in…

Q: What is the ending balance of Allowance for Doubtful Accounts at December 31, 2018, after all…

A: Accounts Receivable: An accounts receivable is the money owed by the customers to the business for…

Q: On June 1, Target sold 100 HP laptops to UCF for $500 each with terms of 3/15, n30. On June 11, UCF…

A: Here in the above question, T sold HP laptops on credit to UCF with terms of 3/15, n/30. It means if…

Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

mapter 8 Quiz i
4
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?
x
Mc
Graw
Hill
Multiple Choice
n schedule for the bonds
https://play.goo
Calculator
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.
A
100
Highlight All
80
63
JUL 1
10
Match Case Match Diacritics
6
000
< Prev
F4
F5
4 of 10
Whole Words
Score answer >
MacBook Air
F6
→
JA
F7
DII
FB
DD
F9
F10
(1)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

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…
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…
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?