Presented below are selected transactions of Cullumber Restaurant for the month ending August 31, 2025. a. b. Cullumber sells 84 gift cards at $72 per gift card and 51 of the gift cards are redeemed by year end. It is estimated that 10 of the gift cards will not be redeemed. Cullumber accepted a reservation for its private dining room for a rehearsal dinner in September. It received a security deposit of $300, which will be returned after the dinner is held. Prepare entries for the Cullumber transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries. Round intermediate calculations to 2 decimal places, e.g. 15.25% and final answers to O decimal places, e.g. 5,125.) Date August 2025 August 2025 Account Titles and Explanation Cash Unearned Revenue (To record the sale of 84 gift cards) Unearned Revenue Sales Revenue August 2025 (To record redemption and breakage of gift cards) Cash Unearned Revenue Debit 6048 3672 300 Credit 6048 3672 300

Presented below are selected transactions of Cullumber Restaurant for the month ending August 31, 2025. a. b. Cullumber sells 84 gift cards at $72 per gift card and 51 of the gift cards are redeemed by year end. It is estimated that 10 of the gift cards will not be redeemed. Cullumber accepted a reservation for its private dining room for a rehearsal dinner in September. It received a security deposit of $300, which will be returned after the dinner is held. Prepare entries for the Cullumber transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries. Round intermediate calculations to 2 decimal places, e.g. 15.25% and final answers to O decimal places, e.g. 5,125.) Date August 2025 August 2025 Account Titles and Explanation Cash Unearned Revenue (To record the sale of 84 gift cards) Unearned Revenue Sales Revenue August 2025 (To record redemption and breakage of gift cards) Cash Unearned Revenue Debit 6048 3672 300 Credit 6048 3672 300

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 18E: On December 1, 2019, AwakcAllNight Inc. sells 5,000 super caffeinated candy bars to Campus Grocers....

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On December 1, 2019, AwakcAllNight Inc. sells 5,000 super caffeinated candy bars to Campus Grocers. The candy bars sell for 3 per bar. In addition, AwakcAllNight pays Campus Grocers a 900placement fee to ensure that its candy bars are always stocked prominently by the cash register. The 900 is paid at the end of each month based on the results of random inspections of Campus Grocers by AwakcAllNight to ensure that the terms of the contract are being followed. Required: 1. Determine the transaction price for Awake AllNights revenue contract. 2. Prepare AwakeAllNights journal entries to recognize sales revenue and pay Campus Grocers the placement fee.
Presented below are selected transactions of Pearl Restaurant for the month ending August 31, 2025. Pearl sells 80 gift cards at $78 per gift card and 55 of the gift cards are redeemed by year end. It is estimated that 10 of the gift cards will not be redeemed b. Pearl accepted a reservation for its private dining room for a rehearsal dinner in September. It received a security deposit of $300, which will be returned after the dinner is held. Prepare entries for the Pearl transactions. Of no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List oll debit entries before credit entries. Round Intermediate calculations to 2 decimal places, eg. 15.25% and final answers to O decimal places, eg. 5.125) Transaction Account Titles and Explanation Debit Date (To record the sale of 80 gift cards)…
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RPS co-op introduced a loyalty program in 2020. every customer who signed up would receive 3% of their total purchases as a cheque, each February for the previuos year, that could br used in sotre on any merchandise eithin the next nine months. customers could look online during the year and check their balance at any time. Laura signed up for the program in 2020. when she purchased a kayak in July for 1100. later in september she purchased a mountain bike for 2200. in March 2021 she purchased a paddle board for 2100 and used her cheque toward the purchase. A) Record the sale of Kayak and loyalty points. B)Record sale of mountain bike and loyalty points C) Record the sales of paddleboard, use of rewards points, cheque towards its purchase and the rewards points earned on sale. D) In 2020 RPS Co-op had a total pf 497,000 in sales to customers who had signed up with the loyalty program. What is the amount of liability that woudl be created by these sale?
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