On July 1, 2024, Lakeside Fitness Center received $48,000 in advance for a 24-month membership program. By December 31, 2024, six months of membership services have been provided. What adjusting entry should be recorded on December 31, 2024?
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- The Bigelow Health Club sells annual memberships to a prestigious club. The terms of the contracts are that customers are required to pay an up-front non-refundable fee of $200, and then a monthly fee of $50, with the first month due immediately, for the year for a total cost of $800 to join the club. On February 1 2024 Bigelow sold 10 memberships. Prepare the journal entry for the sale on Feb 1 and the adjusting entry on Feb 29, 2024 to report revenue. Explain what revenue Bigelow will report in the month, and over the course of the year. Assume that 100% of the members of the Bigelow club renew their memberships for 3 years. How does that change the revenue reported in February?The Des Moines Gazette received newspaper subscriptions in December 2020 for 2021 from customers, who paid $500 in advance. What would be the appropriate journal entry for this event in December 2020?Hawks Storage Inc. rents storage space to students in the Waterloo area. The rentals are for a four or eight month period to correspond with students needs for storage during terms that they are home or on work terms. Hawks Storage Inc. has chosen a October 31 fiscal year end and began operations in 2020. During the year ended October 31, 2020 Hawks storage Inc. received customer rental payments as follows: Rentals for the period May 2020-August 2020 $6080 Rentals for the period May 2020-December 2020 $ 10960 Rentals for the period September 2020-April 2021 $16800 Rentals for the period September 2020-December 2020 $ 9760 Hawks Storage Inc. provided the rental space as scheduled. Calculate the amount of rental revenue for the first fiscal year ended October 31, 2020. Round your answer to the nearest dollar. Your Answer:
- Prepare journal entries to record the following transaction: Ulta Inc. allows each employee to earn 15 paid vacation days each year with full pay. Unused vacation time can be carried over to the next year. By the end of 2020, three employees carried over to 2021 a total of 20 vacation days, which is represented 2020 salary of $6,000On January 1, 2019, Fun Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, the company retroactively gives credit to the date of hire for each employee. The following information is available about the plan: Service cost $31,550 Accumulated postretirement benefit obligation (1/1/19) 114,000 Expected return on plan assets 0 Amortization of Prior service cost 11,400 Payments to retired employees during 2019 5,530 Interest rate 10% Average remaining service period of active plan participants (1/1/19) 10 years Required: 1. Compute the OPRB expense for 2019 if the company uses the average remaining service life to amortize the prior service cost. 2. Prepare all the required journal entries for 2019 if the plan is not funded.Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 8 through July 29. Total tuition paid by students for the summer session amounted to $114,000. Required: How much revenue should be reflected in the fiscal year ended June 30, 2022?
- On January 1, 2024, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2024, Poplar Fabricators' employees each earned an average of $800 per week Nine hundred vacation weeks earned in 2024 were not taken during 2024 Required: 1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2024. 2. Suppose that, by the time vacations actually are taken in 2025, salary rates for employees have risen by an average of 5 percent from their 2024 level. Also, assume salaries earned in 2025 (including vacations earned and taken in 2025) were $31 million. Prepare a journal entry that summarizes 2025 salaries and the payment for 2024 vacations taken in 2025.On June 1, 2021, Demer Consulting provides services to a customer for $150,000. To pay for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each June 1. Required: 1. Record the acceptance of the note on June 1, 2021.2. Record the interest collected on June 1 for 2022 and 2023, and the adjustment for interest revenue on December 31, 2021, 2022, and 2023.3. Record the cash collection on June 1, 2023. Record the acceptance of the note. please do a journal entry for each date. listed below. There should be 7 in total Date Jun 01, 2021 dec 31,2021 jan 01,2022 dec 31,2022 jun 01,2023 dec 31,2023 jun 01,2023On December 31, 2024, Flint Hills received a bill for $210 for utilities incurred during December. The bill will be paid in early January of 2025.
- Big Blue University has a fiscal year that ends on June 30. The 2019 summer session of the university runs from June 10 through July 29. Total tuition paid by students for the summer session amounted to $123,000. Required: a. How much revenue should be reflected in the fiscal year ended June 30, 2019? Amount of revenue b. Would your answer to part a be any different if the university had a tuition refund policy that no tuition would be refunded after the end of the third week of summer session classes? O Yes O NoComfy Home has an insurance policy for which it pays an annual premium of $6,000. Comfy Home's accountant is preparing journal entries for the month of January. The insurance premium for 2020 was paid in cash on January 2, 2020. What is the journal entry that the accountant should make on January 2 2020?Calculate
