Take me to the text A transit company offers special transit passes to local students. The passes are sold for $176 each and for the fall semester are good from September 1 to December 31 (i.e. the passes cost $44 per month). The transit company sold 1,100 passes on August 1, 2020. Do not enter dollar signs or commas in the input boxes. Record the journal entry for the following. a) The sale of the passes b) The entry to be recorded on September 30 Date Account Title and Explanation Debit Credit Aug 1 To record the sale of transit passes Sep 30 To recognize revenue earned for the month

Take me to the text A transit company offers special transit passes to local students. The passes are sold for $176 each and for the fall semester are good from September 1 to December 31 (i.e. the passes cost $44 per month). The transit company sold 1,100 passes on August 1, 2020. Do not enter dollar signs or commas in the input boxes. Record the journal entry for the following. a) The sale of the passes b) The entry to be recorded on September 30 Date Account Title and Explanation Debit Credit Aug 1 To record the sale of transit passes Sep 30 To recognize revenue earned for the month

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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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

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C3.4

Take me to the text
A transit company offers special transit passes to local students. The passes
are sold for $176 each and for the fall semester are good from September 1
to December 31 (i.e. the passes cost $44 per month). The transit company
sold 1,100 passes on August 1, 2020.
Do not enter dollar signs or commas in the input boxes.
Record the journal entry for the following.
a) The sale of the passes
b) The entry to be recorded on September 30
Date
Account Title and Explanation
Debit
Credit
Aug 1
To record the sale of transit passes
Sep 30
To recognize revenue earned for
the month
Check

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