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Typhoon Sons & Company manufactures various types of golf clubs to third party vendors. On April 1, 2024, Typhoon delivers a large quantity of golf clubs to Resona Country Club. Under the sales agreement, Resona is obligated to pay Typhoon $211,000 within six months. On May 1, Typhoon purchases for cash the right to advertise its products during Resona's annual golf tournament event for $4,650. Resona normally charges $3,600 for such services. On August 15, Resona pays Typhoon all amounts owed. Required: Prepare the journal entries Typhoon should record to account for the transaction on April 1, May 1 and August 15. Indicate the amount of revenue that Typhoon should recognize on its sale of golf clubs to Resona. Complete this question by entering your answers in the tabs below. General Journal Revenue Prepare the journal entries Typhoon should record to account for the transaction Note: If no entry is required for a transaction/event, select "No journal entry req View transaction list Journal entry worksheet 1 2 3

Typhoon Sons & Company manufactures various types of golf clubs to third party vendors. On April 1, 2024, Typhoon delivers a large quantity of golf clubs to Resona Country Club. Under the sales agreement, Resona is obligated to pay Typhoon $211,000 within six months. On May 1, Typhoon purchases for cash the right to advertise its products during Resona's annual golf tournament event for $4,650. Resona normally charges $3,600 for such services. On August 15, Resona pays Typhoon all amounts owed. Required: Prepare the journal entries Typhoon should record to account for the transaction on April 1, May 1 and August 15. Indicate the amount of revenue that Typhoon should recognize on its sale of golf clubs to Resona. Complete this question by entering your answers in the tabs below. General Journal Revenue Prepare the journal entries Typhoon should record to account for the transaction Note: If no entry is required for a transaction/event, select "No journal entry req View transaction list Journal entry worksheet 1 2 3

FINANCIAL ACCOUNTING
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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Typhoon Sons & Company manufactures various types of golf clubs to third party vendors. On April 1, 2024, Typhoon delivers a large quantity of golf clubs to Resona Country Club. Under the sales agreement, Resona is obligated to pay Typhoon $211,000 within six months. On May 1, Typhoon purchases for cash the right to advertise its products during Resona's annual golf tournament event for $4,650. Resona normally charges $3,600 for such services. On August 15, Resona pays Typhoon all amounts owed. Required: Prepare the journal entries Typhoon should record to account for the transaction on April 1, May 1 and August 15. Indicate the amount of revenue that Typhoon should recognize on its sale of golf clubs to Resona. Complete this question by entering your answers in the tabs below. General Journal Revenue Prepare the journal entries Typhoon should record to account for the transaction Note: If no entry is required for a transaction/event, select "No journal entry req View transaction list Journal entry worksheet 1 2 3
Transcribed Image Text:Typhoon Sons & Company manufactures various types of golf clubs to third party vendors. On April 1, 2024, Typhoon delivers a large quantity of golf clubs to Resona Country Club. Under the sales agreement, Resona is obligated to pay Typhoon $211,000 within six months. On May 1, Typhoon purchases for cash the right to advertise its products during Resona's annual golf tournament event for $4,650. Resona normally charges $3,600 for such services. On August 15, Resona pays Typhoon all amounts owed. Required: Prepare the journal entries Typhoon should record to account for the transaction on April 1, May 1 and August 15. Indicate the amount of revenue that Typhoon should recognize on its sale of golf clubs to Resona. Complete this question by entering your answers in the tabs below. General Journal Revenue Prepare the journal entries Typhoon should record to account for the transaction Note: If no entry is required for a transaction/event, select "No journal entry req View transaction list Journal entry worksheet 1 2 3
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