Sheridan Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2020, Sheridan sells 12,000 subscriptions beginning with the December issue. Sheridan prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue.

Q: Genaro Company sells 1 – and – 2 year subscription for its video of the month business.…

A: AN ENTITY RECOGNISES REVENUE WHEN IT SATISFIES A PERFORMANCE OBLIGATION BY TRANSFERRING A PROMISED…

Q: Beta Ltd manufactures laptops. Cellar Ltd routinely buys laptops from Beta Ltd. On 1 June 2021, Beta…

A: journal entry is the first step that is considered by the business when they sell they are good…

Q: Swifty Corporation typically sells subscriptions on an annual basis, and publishes 8 times a year.…

A: Amount received from subscriptions  = 45,600*$12 Amount received from subscriptions  = $547,200

Q: Cash-Basis and Accrual-Basis Income George Hathaway, an electrician, entered into an agreement with…

A: Cash basis accounting is a method of accounting where income and expenses are recognized when cash…

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

A: The bad expense is the estimated amount of uncollectible receivables to be recorded on the income…

Q: November 15, 2015 for perform in the amount of $225,000. The qually for each dance performance 5…

A: Answer : 1) Date Account title Dr. Cr. Nov.15,2015 Cash a/c Dr. $225,000     To unearned…

Q: Provide the right answer

A: Approach to solving the question: The key steps to solve this problem are:1. Calculate the unearned…

Q: On June 1, 2019, Zimmerman, Inc. purchased $85,000 of equipment from Hampton. Zimmerman signed a…

A: Notes payable is the promissory notes issued by the borrower. The note includes the information…

Q: Seacost Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and…

A: Under the Accrual Basis of Accounting, revenue is accounted for when it is earned, and expense is…

Q: Bavarian Bar and Grill opened for business in November 2021. During its first two months of…

A: Accounting for Gift Card: - When a company sells a gift card, it is not considered revenue, instead,…

Q: RTY Company sells 6,000 units of its product for $500 each during the year ending December 31, 2017.…

A: Total number of defected units expected for the year 2017 for which warranty claim arises = 6,000…

Q: C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis…

A: Journal: Recording of a business transactions in a chronological order.

Q: On April 15, 2024, Sampson Consulting provides services to a customer for $100,000. To pay for the…

A: INTRODUCTION: A decrease in the value of an immovable asset simply indicates a decrease in the…

Q: Caden started a new publication called Contest News. Its subscribers pay $24 to receive 12 monthly…

A:

Q: On January 1, 2019, Spring Fashions Inc. enters into a contract with a southeast retail company to…

A: Given that: Number of dresses in the contract = 500 dresses Price per dress = $125 per dress

Q: Subscriptions to Kat Company's magazine cost $16 per year. During November 2022, Kat Company sells…

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: Value Dealership Inc. markets and sells the vehicles to retail customers. Along with a new vehicle…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: Journalize the adjusting entry required at September 30, the end of the first month of the current…

A: A warranty obligation is created when sales is made. It remain on the BS till all of them are used…

Q: Green Company started business in 2020. It sells printers with a three-year warranty. Green…

A: Warranty  expense  is the total warranty  claim for product  =2%+4%+6% =12%

Q: Showtime​, Inc. borrows $160,000 by issuing an 8%​, 5​-year note on January ​1, 2020. Showcase must…

A: Journal entries used to record accounting transactions in chronological order under double entry…

Q: Best Appliance Store offers a two-year warranty on all appliances sold. The company estimates that…

A: Formula: Sales revenue = Sales price per unit x Sales units.

Q: On January 1, 2018, Nantucket Ferry borrowed $14,000,000 cash from BankOne and issued a…

A: Interest on Note = Principal amount x rate of interest x time = $14,000,000 x 6% x 1 years =…

Q: Splish Company sells goods to Blossom Company during 2020. It offers Blossom the following rebates…

A: Past experience shows that the 37,600 units are sold to Blossom in the third quarter, hence a rebate…

Q: ABC sells products to customers with a warranty. Customers can return the products to ABC for a free…

A: For accounting purposes, inventory valuation is very important for calculating COGS, closing…

Q: On August 1, Costco Lubbock collects sells 150,000 one-year family memberships to customers for $45.…

A: Given, Number of memberships = 150,000 Selling price of one year membership = $45

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

A: Workings: Subscription revenue in the first quarter of 2023: =8,400 subscriptions×$28 per…

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: Midshipmen Company borrows $11,500 from Falcon Company on July 1, 2021. Midshipmen repays the amount…

A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…

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: Moon Co. sells food blenders. During 2019, Moon made 37,000 blenders at an average cost of $80. It…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On January 1, 2020, Carly Fashions Inc. enters into a contract with a regional retail company to…

A: Standalone price of the blouse per piece=$20,000500=$40 per piece

Q: Hardin Widget Manufacturing began operations in January 2019. Hardin sells widgets that carry a two-…

A: Journal is first book for recording of transactions. It is prepared on Double-Entry System where…

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: Moon Ltd. sells custom made furniture on 24 months' interest free terms to qualifyin On 30 June…

A: According to the time value of money theory, money that is available now is worth more than the same…

Q: Select one: a. Debit. Rental Expense - $0.00; Debit. Depreciation Expense - $600,000, Credit.…

A: Adjusting entries are the entries which are passed to recognise the expenses of a particular year…

Q: 5 Texas Roadhouse opened a new restaurant in October. During its first three months of operation,…

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

Q: Midshipmen Company borrows $18,000 from Falcon Company on July 1, 2024. Midshipmen repays the amount…

A: The notes are used to borrow money, it is a type of agreement where the borrower makes a promise to…