total amount of revenue t

Q: Oriole Financial Services performs bookkeeping and tax-reporting services to startup companies in…

A: Date Account Titles and Explanation  Debit  Credit Jan. 1, 2025 Cash $21600           Unearned…

Q: Vera., a dealer of household appliances, sells washing machines at an average price of P8,100. The…

A: Warranty Liability: The expected cost of repair and maintenance of the sold items should be recorded…

Q: old's Gym wants to offer its clients a monthly payment option on its annual membership dues of $490.…

A: Monthly payment refers to the equated monthly installment amount that will be discharged over the…

Q: Babylon provided Munir with a loan of $28,000 at interest rate of 0.6%. The funds were provided on…

A: To calculate the taxable benefit from the loan provided by Babylon, we need to determine the…

Q: Oriole Navigation began operations in 2020 and provides a one-year warranty on the products it…

A: Estimated Warranty is not a contingent liability of the business because it is not dependent on some…

Q: Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on…

A: Amount of notes receivable: $44,000Rate of interest: 8%Journal entries needs to be prepared.

Q: Question: On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an…

A: 1.Calculate the amount of transaction price.

Q: To attract retailers to its shopping center, the Marketplace Mall will lend money to tenants…

A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…

Q: Guy prepares its annual financial statement every June He has performed the needed grass cutting…

A: Revenue recognition for contracts with coupons involves accounting for the face value of the coupon…

Q: Cullumber Resellers Ltd. (CRL) sells gently used and refurbished appliances. The company provides a…

A: Journal entries are used to record all the financial transactions in a business. It helps to know…

Q: One of your groupmates is planning to purchase a cellular phone. Here are the three offers of an…

A: A loan is an agreement between two parties where one forwards an amount to the other in exchange for…

Q: Which method is appropriate to use to determine the amount of variable consideration? Determine the…

A: Contracts can be defined as agreements that are legally binding two or more parties together to…

Q: Prepare the journal entry to record this transaction on January 2, 2025, and on December 31, 2025…

A: The warranty expense is the expense which is used by the company and the expense which is associated…

Q: Each of ABC's 12 new franchisee contracted to pay an initial franchise fee of P50,000. By December…

A: Only if the the service is performed then the revenue will recognize in the books of accounts.

Q: Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the…

A: Here in January prepaid cards sold having value = $4000

Q: On November 1, 2021 a  customer enters into a contract with MyWatch, Inc. to purchase an eWatch plus…

A: The Accrual basis accounting states that revenue should be recognized as and when the service or…

Q: Required: Prepare the journal entry required to record the sale on 1 August 20X1 and the receipt of…

A: As per IFRS, if the payments, regarding the sale of goods, are received in installments over the…

Q: Larkspur Financial Services performs bookkeeping and tax-reporting services to startup companies in…

A: Date  Account Titles and Explanation   Debit   Credit  Jan. 1, 2020  Cash  $10,500…

Q: Al Jabel Corporation sells WIFI speakers and offers 2-year warranty contract to customers. During…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Al Jabel Corporation sells WIFI speakers and offers 2-year warranty contract to customers. During…

A: A journal entry is used to record a business transaction in a company's accounting records. A…

Q: On August 31, 2022, Firewall Co. licensed its $9,600 application that will protect a customer's…

A: Performance obligation is the mandatory actionable on the part of service provider for each service…

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: Sheridan Crossburgers Inc. charges an initial franchise fee of $75,000. Upon the signing of the…

A: A journal entry is a record of a financial transaction in a company's accounting journal. It's the…

Q: HERE Inc, a telecommunications operator, entered into a contract with Mr. X on March 1, 20x7. In…

A: On March 1, 20x7, HERE Inc, a telecommunications operator entered into contract with Mr. X Mr. X…

Q: Larkspur Inc. sells prepaid telephone cards to customers. Larkspur then pays the telecommunications…

A: As per revenue recognition concept, a revenue has to be recognized by a entity when it is earned and…

Q: In 2019, Lee Electronics, a franchise of electronics stores located in small towns throughout the…

A: The details given in the question Units sold - 320 price per unit - $ 830 Repair cost - 2.5%

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…