Required information[The following information applies to the questions displayed below.]A company is the number one online music retailer through its iTunes music store. The company sells iTunes gift cards in$15, $25, and $50 increments. Assume the company sells $19.9 million in iTunes gift cards in November, and customersredeem $12.9 million of the gift cards in December.3. What is the ending balance in the Deferred Revenue account? (Enter your answer in dollars, not in millions. (i.e. 5.5 should beentered as 5,500,000).)Ending balance

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please help to solve the whole question please this is 1 question with 3sub parts. InvisiGuard Ltd sells security doors. Majority of its sales are on credit except small amount of cash sales each year. The accounting records at 30 June 2019 reveal the following. Ignore GST. Credit sales (for the year of 2019) $2,100,000 Cash sales (for the year of 2019) 20,000 Credit sales returns and allowances (for the year of 2019) 80,000 Accounts receivable (balance at 30 June 2019) 593,000 Allowance for doubtful debts (credit balance at 30 June 2019) 2,800 The company’s yearly bad debts expense had been estimated at 2.5% of net credit sales revenue in the past. The management of InvisiGuard Ltd has decided to compare the current method with an ageing of accounts receivable method. The following analysis was obtained with respect to the accounts receivable. Balance % of estimated uncollectable Accounts not yet due $351,200 1 Accounts…
Please read the questions carefully the First question is asking for journal entry.
Cold Stone, an ice cream store in central Illinois, sells several varieties of popular ice creams in its neighborhood villages. The following data pertains to the year 2023. The annual sales revenue of the store is $4 million. The annual cost of all the goods sold is $3 million. The beginning inventory on January 01 is $0.5 million. The ending inventory on December 31 is $0.3 million. The beginning accounts receivables on January 01 is $0.2 million. The ending accounts receivables on December 31 is $0.1 million. The beginning accounts payables on January 01 is $0.3 million. The ending accounts payables on December 31 is $0 million. 10. Compute the Cash-to-Cash cycle of Cold Stone.
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?
On July 10, 2020, Bridgeport Music sold CDs to retailers on account and recorded sales revenue of $764.000 (cost $588,280) Bridgeport grants the right to return CDs that do not sell in 3 months following delivery, Past experience indicates that the normal return rate is 15%. By October 11, 2020, retailers returned CDs to Bridgeport and were granted credit of $78,200. Prepare Bridgeport's journal entries to record (a) the sale on July 10, 2020, and (b) $78,200 of returns on October 11, 2020, and on October 31, 2020. Assume that Bridgeport prepares financial statement on October 31, 2020. (Credit account titles are automatically indented when 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.) Account Titles and Explanation No. € (b) Date (To record sales) (To record cost of goods sold) (To record sales) (To record cost of goods sold) (To record sales returns) (To record cost of goods returned) Debit…
On July 10, 2020, Cheyenne Music sold CDs to retailers on account and recorded sales revenue of $658,000 (cost $506, 660). Cheyenne grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2020, retailers returned CDs to Cheyenne and were granted credit of $80,000. Prepare Cheyenne's journal entries to record (a) the sale on July 10, 2020, and (b) $80,000 of returns on October 11, 2020, and on October 31, 2020. Assume that Cheyenne prepares financial statement on October 31, 2020. (To record sales) (To record cost of goods) (To record sales returns) (To record cost of goods returned)
Prepare journal entries for each of the following sales transactions by Elegant Electronics, including a 3.5% sales tax, and the remittance of all sales tax to the tax board on October 23. Accounts Payable Merchandise Inventory Sales Discount Cash Sales Sale Tax Payable PLEASE NOTE: You must follow the format in the textbook and enter the account names exactly as written above and all dollar amounts will be rounded to two decimal places with "$" and commas as needed (i.e. $12,345.67). Elegant Electronics sells a cellular phone on September 2 for $450: DR DR or CR? CR On September 6, Elegant sells another cellular phone for $500: DR DR or CR? CR The remittance of all sales tax to the tax board on October 23: DR CR
Explain in details please fast ASAP The Sports Store has a beginning receivables balance on January 1 of $2,640. Sales for January through April are $3,440, $3,590, $2,690, and $4,720, respectively. The accounts receivable period is 45 days. How much did the store collect in the month of April? Assume a year has 360 days.
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