Repeat the requirements for part (a), assuming that Flounder Company has no reliable data with which to estimate the standaloneselling price for the Internet service. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to O decimal places,eg. 5,125.)DateAccount Titles and ExplanationDebitCreditJan. 2, 2020CashJan. 2, 2020Jul. 1, 2020Dec. 31, 2020Service RevenueUnearned Service Revenue - Internet(To record sales)Cost of Goods SoldInventory(To record cost of goods sold)Dec. 31, 2020Unearned Service Revenue - InternetService Revenue Flounder Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere andset up a Wi-Fi hot spot. It offers two bundles with the following terms.1.Flounder Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connectionservice contract is $469. The standalone selling price of the tablet is $230 (the cost to Flounder Company is $157). FlounderCompany sells the Internet access service independently for an upfront payment of $292. On January 2, 2020, FlounderCompany signed 100 contracts, receiving a total of $46,900 in cash.2.Flounder Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades tothe tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $574. FlounderCompany provides the 3-year tablet service plan as a separate product with a standalone selling price of $145. FlounderCompany signed 220 contracts for Flounder Bundle B on July 1, 2020, receiving a total of $126,280 in cash.(a)Prepare any journal entries to record the revenue arrangement for Flounder Bundle A on January 2, 2020, and December 31,2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select"No entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,125.)

Repeat requirements for part(a): Bundle A Journal entries Date General Journal Debit Credit January 2, 2020 Cash $48,100 Sales Revenue (225*100) $22,500 Unearned Internet access service revenue ((481-225)*100) $25,600 (To record signed 90 contracts, receiving a total of $43,290 in cash.) Cost of goods sold $17,400 Inventory $17,400 (To record cost of goods sold) (100*174) December 31, 2020 Unearned Internet access service revenue $8,533 Internet access service revenue $8,533 (To record Internet access service revenue for one year.) (25,600/3) Bundle A Amount($) Standalone selling price of the tablet 225 Standalone Service price of Internet access 308 Total price 533 Total combined price 481 Allocated value Multiply: number of contract Total allocated value Price of the tablet (481*225/308) 202 100 $20,200 Price of Internet access (481*308/533) 279 100 $ 27900 Total combined price 48 100 $48,100 Bundle A Journal entries Date General Journal Debit($) Credit($) January 2, 2020 Cash 48,100 Sales Revenue 20,200 Unearned Internet access service revenue 27,900 (To record signed 100 contracts, receiving a total of $48,100in cash.) Cost of goods sold 17,400 Inventory 17,400 (To record cost of goods sold) (100*174) December 31, 2020 Unearned Internet access service revenue 9,300 Internet access service revenue 9,300 (To record Internet access service revenue for one year.) (27,900/3)

Business

Accounting

Repeat the requirements for part (a), assuming that Flounder Company has no reliable data with which to estimate the standalone selling price for the Internet service. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to O decimal places, eg 5,125) Date Account Titles and Explanation Debit Credit Jan. 2, 2020 Cash Jan. 2, 2020 Jul. 1, 2020 Dec. 31, 2020 Service Revenue Unearned Service Revenue - Internet (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Dec. 31, 2020 v Unearned Service Revenue - Internet Service Revenue

Repeat the requirements for part (a), assuming that Flounder Company has no reliable data with which to estimate the standalone selling price for the Internet service. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to O decimal places, eg 5,125) Date Account Titles and Explanation Debit Credit Jan. 2, 2020 Cash Jan. 2, 2020 Jul. 1, 2020 Dec. 31, 2020 Service Revenue Unearned Service Revenue - Internet (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Dec. 31, 2020 v Unearned Service Revenue - Internet Service Revenue

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

Please do not give image format and solve with explanation
Vishnu
Do has commercial and lacks commercial substance please using the same template as first pic
Pharoah Stores is a new company that started operations on March 1, 2024. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March: Pharoah Stores purchases $9,200 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB shipping point. Mar. 1 2 The correct company pays $140 for the shipping charges. 3 21 22 23 30 31 Pharoah returns $1,100 of the merchandise purchased on March 1 because it was the wrong colour. Octagon gives Pharoah a $1,100 credit on its account. Pharoah Stores purchases an additional $11,500 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB destination. The correct company pays $160 for freight charges. Pharoah returns $500 of the merchandise purchased on March 21 because it was damaged. Octagon gives Pharoah a $500 credit on its account. Pharoah paid Octagon the amount owing for the merchandise purchased on March 1. Pharoah paid Octagon the amount owing for the…
Please do not give solution in image format thanku
Mukhi Don't upload any image please
H1.
Carla Vista Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) January 5 April 15 August 21 October 5 Date Sold merchandise to Ryan Seacrest for $2,800, terms n/15. Received $480 from Ryan Seacrest on account. Wrote off as uncollectible the balance of the Ryan Seacrest account when he declared bankruptcy. Unexpectedly received a check for $690 from Ryan Seacrest. V Account Titles and Explanation (To reverse write-off of Ryan Seacrest account) (To record collection from Ryan Seacrest account) Debit Credit
Instructions: Please show work and detailed explanations on how you got your answer. 1. Journalize the above transactions for Bramble Supply Co. Omit cost of goods sold entries. (Round interest revenue to 0 demcial places, e.g. 591. List all debit entries before credit entries. Record journal entries in the order presented in the probelm. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation. 2. Record the collection of the Takham notes at its maturity in 2023. 3. Assume Takham dishonors its note at its maturity in 2023. Bramble expects to eventually collect the note. Record the dishonr of the Takham note. 3. Assume Takham dishonors its note at its maturity in 2023; Bramble does not expect to collect the note. Record the dishonor of the Takham note.
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Question Content Area Oct. 2: Received $3,180 from Ian Kearns and wrote off the remainder owed of $4,170 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area Dec. 20: Reinstated the account of Ian Kearns and received $4,170 cash in full payment. If an amount box does not require an entry, leave it blank. Dec. 20-Reinstate - Select - - Select - - Select - - Select - Dec. 20-Collection