The following transactions are July activities of Bill's Extreme Bowling, Incorporated, which operates several bowling centers.a. Bill's collected $12,200 from customers for services related to games played in July.b. Bill's billed a customer for $620 for a party held at the center on the last day of July. The bill is to be paid in August.c. The men's and women's bowling leagues gave Bill's advance payments totaling $2,000 for the fall season that starts in September.d. Bill's received $2,200 from credit sales made to customers last month (in June).Required:Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.)View journal entry worksheetView transaction listNoTransactionGeneral JournalDebitCredit1a.Cash12,200Sales Revenue12,200b.Cash6203C.Cash2,0004d.Sales Revenue2,200Cash2,200

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Answered: The following transactions are July…

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 City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program's bank account for the year. 1. At the beginning of 2020, the program had unrestricted cash of $30,000. Cash receipts: Registration fees Borrowing from bank Total deposits Cash disbursements: Wages Payroll taxes Insurance (paid monthly) Purchase of bus Interest on bank note Total checks Excess of receipts over disbursements Cash Basis 12 months $134,000 60,000 194,000 74,000 9,900 6,900 69,000 1,800 161,600 $ 32,400 2. The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1, 2020. 3. The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful…
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Over the winter months, Pharoah Co. pre-sells fertilizing and weed control lawn services to be performed from May through September, inclusive. If payment is made in full by April 1, a 5% discount is allowed. In March, 275 customers took advantage of the discount and purchased the summer lawn service package for $760 each. In June, 225 customers purchased the package for $800, and in July, 84 purchased it for the same price. For customers who pay after May 1, service starts in the month the customer makes the payment. How much revenue should be recognized by the Pharoah Co. in each of the months of March, April, May, June, July, August, and September? (Round answers to 0 decimal places, e.g. 5,275. Do not leave any answer field blank. Enter O for amounts.) March $ April $ May $ June $ July August September $
On July 8, Azure Corporation enters into an agreement with one of its customers, Madsen, Inc. to provide them with 4,500 units at a cost of $500 per unit. Madsen sends a cash deposit of $225,000 on the same day. Azure sends the first 2,700 units on August 31, with an invoice for $675,000 due September 15. The remaining 1,800 units are delivered on October 15, along with an invoice for the remaining amount of the total $2,250,000 purchase price, due October 31. Madsen made all payments on the invoice due dates. Assume that Azure Corporation had no uncertainties about its own ability to meet the terms of the contract or about Madsen, Inc.'s ability and willingness to pay. Prepare the journal entries to record the events (leaving out the accounting for Azure's costs). Date July 8 August 31 September 15 October 15 October 31 Account To record the deposit. To record initial delivery of units. To collect cash on account. To record delivery of remaining units. To collect cash on account. <<…
Derry Co. is a company in the industry of selling and installing laundry systems, Derry choose financial period ending by December 31. The following were selected from among the transactions completed during 2020. 2019 Oct 10 Sold merchandise to Edin, and received $6,000 cash. The cost of the merchandise sold was $3,800. Nov 13 Sold $25,000 merchandise to Flora, receive $12,000 in cash this day and the rest would follow Derry’s credit policy of 1/15, n/30. The cost of merchandise sold was $15,300. Dec 31 During 2019, Derry Co. offered sales of 30,000 laundry devices with one-year warranty-on-part policy. A provision was made by Derry Co., based on the management’s experience, 900 units (3%) will be defective and that warranty repair costs will average $4 per unit. Journalize this provision. Dec 31 Based on an analysis of the $92,000 of accounts receivable, it was estimated that $9,848 will be uncollectible, given the balance of the account Allowance for doubtful accounts…
ded Carnegie Corp. commissions, produces, and sells books through faith-based nonprofit organizations. The books are sold on the basis that a maximum of 50% of the quantity purchased can be returned within six months. The contract with the customer outlines the amount of consideration and the return policy and that payment is due within 30 days of the end of the return period. Carnegie has a good historical record of the proportion of books returned, on average. On 1 June, Carnegie sold $86,000 worth of books. On 15 August, $8,600 were returned, and on 3 October, an additional $17,200 were returned. The payment for the balance owing was received on 20 December. The cost of the books is 55% of the selling price. All of the returns are put back into inventory and can be resold. Required: 1. This part of the question is not part of your Connect assignment. 2. Prepare the appropriate journal entries that are required for the described transactions. (If no entry is required for a…
es Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $2,500. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $2,500 in gift cards sold (keeping in mind that, in actuality, the company would record each sale of a gift card individually) and the $728 in gift cards redeemed. (Hint: The $728 includes a 4% sales tax of $28.) 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet. Complete this question by entering your answers in the…
Lindley Enterprises sells hand-woven rugs. Paige Corporation is a regular customer of Lindley. On June 30, Paige purchased 500 rugs from Lindley for $400,000 on credit. On August 15, Paige paid Lindley in full on its $400,000 balance. Prepare the related journal entries for Lindley.

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