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Date Account Titles and Explanation Debit Mar. 1, 2025 reve Revenue from Consignment Sales Revenue from Long-Term Contracts Rent Revenue Mar. 1. 2025 Sales Revenue License Revenue Service Revenue Mar. 31, 2025 Interest Revenue Franchise Revenue Commission Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Installment Sales Revenue Unearned Warranty Revenue Mar. 31. 2025 Unearned Franchise Revenue Apr. 30, 2025 Apr. 30.2025 Jun. 30, 2025 Inventory (To record sales of cards redeemed) Unearned Sales Revenue Sales Revenue (To record cost of goods sold) Cost of Goods Sold Inventory (To record sales of cards redeemed) (To record cost of goods sold) (To record sales of cards not redeemed) 5000 3000 7500 4500 6000 3600 Cred Your answer is partially correct. Sunland sells 20 nonrefundable $90 gift cards for 3D printer paper on March 1, 2025. The paper has a standalone selling price of $90 (cost $72). The gift cards expiration date is June 30, 2025. Sunland estimates that customers will not redeem 15% of these gift cards (breakage). The pattern of redemption is as follows. Redemption Total March 31 50 % April 30 80 June 30 85 Prepare the 2025 journal entries related to the gift cards at March 1, March 31, April 30, and June 30. Sunland recognizes breakage when cards expire (June 30). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places e.g. 58,971. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

Date Account Titles and Explanation Debit Mar. 1, 2025 reve Revenue from Consignment Sales Revenue from Long-Term Contracts Rent Revenue Mar. 1. 2025 Sales Revenue License Revenue Service Revenue Mar. 31, 2025 Interest Revenue Franchise Revenue Commission Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Installment Sales Revenue Unearned Warranty Revenue Mar. 31. 2025 Unearned Franchise Revenue Apr. 30, 2025 Apr. 30.2025 Jun. 30, 2025 Inventory (To record sales of cards redeemed) Unearned Sales Revenue Sales Revenue (To record cost of goods sold) Cost of Goods Sold Inventory (To record sales of cards redeemed) (To record cost of goods sold) (To record sales of cards not redeemed) 5000 3000 7500 4500 6000 3600 Cred Your answer is partially correct. Sunland sells 20 nonrefundable $90 gift cards for 3D printer paper on March 1, 2025. The paper has a standalone selling price of $90 (cost $72). The gift cards expiration date is June 30, 2025. Sunland estimates that customers will not redeem 15% of these gift cards (breakage). The pattern of redemption is as follows. Redemption Total March 31 50 % April 30 80 June 30 85 Prepare the 2025 journal entries related to the gift cards at March 1, March 31, April 30, and June 30. Sunland recognizes breakage when cards expire (June 30). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places e.g. 58,971. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 11RE
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PLEASE HELP. ALL RED CELLS ARE INCORRECT. NOTICE, REVENUE ACCOUNTS ARE IN THE DROPDOWN!

Date Account Titles and Explanation Debit Mar. 1, 2025 reve Revenue from Consignment Sales Revenue from Long-Term Contracts Rent Revenue Mar. 1. 2025 Sales Revenue License Revenue Service Revenue Mar. 31, 2025 Interest Revenue Franchise Revenue Commission Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Installment Sales Revenue Unearned Warranty Revenue Mar. 31. 2025 Unearned Franchise Revenue Apr. 30, 2025 Apr. 30.2025 Jun. 30, 2025 Inventory (To record sales of cards redeemed) Unearned Sales Revenue Sales Revenue (To record cost of goods sold) Cost of Goods Sold Inventory (To record sales of cards redeemed) (To record cost of goods sold) (To record sales of cards not redeemed) 5000 3000 7500 4500 6000 3600 Cred
Transcribed Image Text:Date Account Titles and Explanation Debit Mar. 1, 2025 reve Revenue from Consignment Sales Revenue from Long-Term Contracts Rent Revenue Mar. 1. 2025 Sales Revenue License Revenue Service Revenue Mar. 31, 2025 Interest Revenue Franchise Revenue Commission Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Installment Sales Revenue Unearned Warranty Revenue Mar. 31. 2025 Unearned Franchise Revenue Apr. 30, 2025 Apr. 30.2025 Jun. 30, 2025 Inventory (To record sales of cards redeemed) Unearned Sales Revenue Sales Revenue (To record cost of goods sold) Cost of Goods Sold Inventory (To record sales of cards redeemed) (To record cost of goods sold) (To record sales of cards not redeemed) 5000 3000 7500 4500 6000 3600 Cred
Your answer is partially correct. Sunland sells 20 nonrefundable $90 gift cards for 3D printer paper on March 1, 2025. The paper has a standalone selling price of $90 (cost $72). The gift cards expiration date is June 30, 2025. Sunland estimates that customers will not redeem 15% of these gift cards (breakage). The pattern of redemption is as follows. Redemption Total March 31 50 % April 30 80 June 30 85 Prepare the 2025 journal entries related to the gift cards at March 1, March 31, April 30, and June 30. Sunland recognizes breakage when cards expire (June 30). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places e.g. 58,971. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
Transcribed Image Text:Your answer is partially correct. Sunland sells 20 nonrefundable $90 gift cards for 3D printer paper on March 1, 2025. The paper has a standalone selling price of $90 (cost $72). The gift cards expiration date is June 30, 2025. Sunland estimates that customers will not redeem 15% of these gift cards (breakage). The pattern of redemption is as follows. Redemption Total March 31 50 % April 30 80 June 30 85 Prepare the 2025 journal entries related to the gift cards at March 1, March 31, April 30, and June 30. Sunland recognizes breakage when cards expire (June 30). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places e.g. 58,971. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
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