plish Brothers publishes a monthly music magazine, DiscOver. Subscriptions to the magazine cost $20 per year. During November 2021, Splish Brothers sells 16,800 subscriptions beginning with the December issue. Splish Brothers prepares financial statements quarterly and recognizes subscription revenue on magazines sold at the end of

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A: From July 8th to July 31st = 23 days

Q: Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 7 note from…

A: Journal Entry is the primary step to record the transaction in the books of accounts. Accounts…

Q: Clarity Co. has a year-end of December 31.  The company estimates its annual warranty expense to be…

A: A warranty is a promise to the customer that the company would provide free service for the product…

Q: Instructions Prepare the entry to record the sales transactions and related taxes for each client.…

A: Unearned revenue is a revenue which you have received but not yet earned. Unearned revenue is…

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

A: From November to December = 1 month So till December 31, 2020; a subscription has been earned for 1…

Q: n December 1, Sheridan Company introduces a new product that includes a one-year warranty on parts.…

A: Solution:  estimated warranty cost = Units sold * 5% *90 = 1400*5%*90  = $6,300

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A: The concept applied here is the accrual accounting principle.Accrual accounting recognizes expenses…

Q: Crane Limited borrowed $75,600 from National Limited on July 1 and Issued a three-month note payable…

A: Promissory notes :Promissory notes are legal agreements between an issuer and a payee, where the…

Q: On November 19, Nicholson Company receives a $24,000, 60-day, 6% note from a customer as payment on…

A: Note receivable is recognized as a negotiable instrument. It represents the claim amount due on the…

Q: On March 1, Smith Company purchased equipment costing $14,792 by signing a 3-year, 6% note requiring…

A: When we made a payment against a note Payable as liability decreases notes Payable account will be…

Q: Swathmore Clothing Corporation grants its customers 30 days’ credit. The company uses the allowance…

A: Journal entries refers to the entries which are made at the end of the period or year and it records…

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Q: On December 1, Home Store sells a mower (that costs $160) for $460 cash with a one-year warranty…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

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A: Solution:- Given, Windsor, Inc. borrows $67,200 from Wildhorse Co.  Signing a 4%, one-year note…

Q: Following are transactions for Vitalo Company. November 1 Accepted a $7,000, 180-day, 7% note from…

A: The accrued interest is the amount of interest due but not received in cash. The maturity amount is…

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A: Note payable is one of the liability being incurred in business. Regular interest payments needs to…

Q: On December 1, Home Store sells a mower (that costs $220) for $520 cash with a one-year warranty…

A: Cash received on sale of mower = $520 Estimated Warranty liability = Sales × 8% =$520×8% =$41.60

Q: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…

A: Notes receivable:  Notes receivable is a agreement between lender and borrower for payment of…

Q: On July 8, Jones Inc. issued an $70,600, 8%, 120-day note payable to Miller Company. Assume that the…

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A: From July 8 to July 31 = 23 days Interest expense has been accrued for 23 days for the note payable.…

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A: For the purpose of keeping track of commercial transactions, the business entities document them in…

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: Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of…

A:

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

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: thly issues, beginning in January 20Y6. In addition, the business had taxable income of $920,000…

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A: Answer:- As per the principal of revenue recognition, revenue should be recognized/recorded when it…

Q: Skysong, Inc. typically sells subscriptions on an annual basis, and publishes 8 times a year. The…

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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: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…

A: Note: We’ll answer the first two questions since the exact one wasn’t specified. Please submit a new…

Q: Assume 360 days in a year. Do not round your intermediate calculations and round your final answer…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: Jenkins Inc. had the following transactions. U Sep 1 Loaned $20,000 to an employee, who signed a…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

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A: Explanation of Trial Balance: A trial balance is a report that lists all ledger accounts and their…

Q: At the end of 2023, accounts receivable were $610,000 and the allowance account had a credi…

A: Allowance for doubtful accounts acts as a financial safety net, preparing your business for…

Q: Marques Company provides a one-year warranty on its products. The estimated rate of defective…

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Q: Bon Nebo Co. sold 30,000 annual subscriptions of Bjorn for $105 during December 20Y5. These new…

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Q: Splish Brothers Inc. began operations in July 2019. At the end of the month, the company prepares…

A: The adjustment entries are made to adjust the revenues and expenses of the current year.

Q: On November 1, 2024, New Morning Bakery signed a $204,000, 6%, six-month note payable with the…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: The following information relates to the Crane Company at the end of 2020. The accounting period is…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: The Bigelow Health Club sells annual memberships to a prestigious club. The terms of the contracts…

A: Revenue is recognized when goods and servcies are delivered to the customer in the form of…

Q: a new product that includes a one-year warranty on parts. In November, 1000 units are sold.…

A: This entry records the expected warranty costs as a cost on the income statement and creates a…

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: On March 1, Gonzalez Magazine Company receives annual subscriptions totaling $612,900. The first…

A: Solution: Total amount received for subscription = $612,900

Q: On September 1, 2021, Allied Moving Corp. borrows $110,000 cash from First National Bank. Allied…

A: DateGeneral JournalDebitCreditSept. 1, 2021Cash110,000       Notes Payable 110,000 Issuance of notes…

Q: on December 1, Concord Company introduces a new product that includes a one-year warranty on parts.…

A: Solution: Estimated warranty cost = 1300 units * 6% * $90 = 1300*6%*90 = $7020