How much are the (1) total revenue and (2) month-end balance of liability recognized from the sale of gift cards during the month? Sleepy Co. has sold gift cards for many years and, based on its experience, 10% of the gift cards sold arenever redeemed. In February 20x1, Sleepy Co. sold P100,000 worth of gift cards, of which P54,000 wereredeemed. Sleepy Co. uses PFRS 15. How much are the (1) total revenue and (2) month-end balance ofliability recognized from the sale of gift cards during the month?

In case of gift cards, revenue recognition principle says that revenue should be recognized when the…

Answered: Sleepy Co. has sold gift cards for many…

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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The type of cash discount where the discount period is counted from the date of invoice is ___. a. Ordinary dating b. Credit period c. Receipt of goods d. End of the month
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16. Jim Havey receives an invoice amounting to $2916 with cash terms of 3/10 prox. and dated June 7. If a partial payment of $1666 is made on July 8, find (a) the credit given for the partial payment and (b) the balance due on the invoice. [7.4]
On April 30, Gomez Services had an Accounts Receivable balance of $30,100. During the month of May, total credits to Accounts Receivable were $65,200 from customer payments. The May 31 Accounts Receivable balance was $24,000. What was the amount of credit sales during May?
Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). April 2 April 3 (a) April 3 (b) April 4 April 5 April 6 April 9 April 11 April 12 April 13 (a) April 13 (b) April 14 April 16 (a) April 16 (b) April 17 April 18. April 20 (a) April 20 (b) April 23 (a) April 23 (b) April 25 April 26 April 27 (a) April 27 (b) April 30 (a) April 30 (b) Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60. Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000). Purchased $1,490 of office supplies on credit from Custer, Incorporated, terms n/30. Issued Check Number 587 to World View for advertising expense of $904. Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $15,000 (cost is $13,500). Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. Purchased $12,225 of store equipment on…
4. What is the balance of AR Corporation's Accounts Receivable as of Dec. 31, 2021? 5. What is the amount of the current accounts receivable of AR Corporation that might prove to be uncollectible? 6. What is the balance of the allowance for uncollectible accounts before adjustments of AR Corporation on December 31, 2021?
Should we record account payable at 12/31, if the invoice date is after 12/31, lets say 1/3, for example the utility or telephone bill for December.
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During month of May, UMPI, Inc. had cash sales of $243,624 and credit sales of $153,687, both of which include Maine sales tax of 5.5% that must be remitted to the state by June 15th. Note that UMPI did not segregate the sales tax from the sales when made during the month. They just record the full amount as sales revenue. Prepare the adjusting journal entry to fairly present the May 31 financial statements.
Please tell me what the how this would be recorded in a journal entry: accounts/and amount. Record the interest of $400 on a note receivable that was earned at year-end, although collection of the interest is not due until the following year.
At 1 July 20X2 the receivables allowance of Q was $18,000. During the year ended 30 June 20X3 debts totalling $14,600 were written off. The receivables allowance required was to be $16,000 as at 30 June 20X3. What amount should appear in Q's statement of profit or loss for receivables expense for the year ended 30 June 20X3

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