To journalize: The entry on October 1, using the alternative method of deferred revenues.

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Answer 1

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Chapter 3, Problem 3.17SE

(1)

To determine

To journalize: The entry on October 1, using the alternative method of deferred revenues.

(2)

To determine

Deferred revenues

Collection of cash in advance to render service or to deliver goods in future is known as unearned revenues. These unearned revenues are considered as liabilities until they are earned. For the portion of rendered services or delivered goods, revenues would be recognized by way of passing an adjusting entry. Unearned revenue is also known as deferred revenues, because at the receiving of payment in advance, revenues are not recognized but deferred until they are earned.

To record: The adjusting entry on December 31, 2016.

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INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year ended December 31, 2023, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $35,600 a year. 2. A fund drive raised $188,000 in cash and $106,000 in pledges that will be paid next year. A state government grant of $156,000 was received for program operating costs related to public health education. 3. Salaries and fringe benefits paid during the year amounted to $209,160. At year-end, an additional $16,600 of salaries and fringe benefits were accrued. 4. A donor pledged $106,000 for construction of a new building, payable over five fiscal years, commencing in 2025. The discounted value of the pledge is expected to be $94,860. 5. Office equipment was purchased for $12,600. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $10,200 was donated by a local office…

Fairfield Company's payroll costs for the most recent month are summarized here: Item Hourly labor unges Description 920 hours $27 per hour 190 hours for Job 101 340 hours for Job 102 Factory supervision Production engineer Factory Janitorial work Selling, general, and administrative salaries Total payroll costs Required: 390 hours for Job 103 Total Cost $ 5,130 9,180 10,530 $ 24,840 4,350 7,100 1,200 8,800 $ 46,298 1. & 2. Prepare the journal entries for payroll and to apply manufacturing overhead to production. The company applies manufacturing overhead to products at a predetermined rate of $54 per direct labor hour Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet A B Record Fairfield Company's payroll costs to be paid at a later date. Note Enter debits before credits. S.No Date 1 Account Title Debit Credit

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Answer 2

Question

Chapter 3, Problem 3.17SE

(1)

To determine

To journalize: The entry on October 1, using the alternative method of deferred revenues.

(2)

To determine

Deferred revenues

Collection of cash in advance to render service or to deliver goods in future is known as unearned revenues. These unearned revenues are considered as liabilities until they are earned. For the portion of rendered services or delivered goods, revenues would be recognized by way of passing an adjusting entry. Unearned revenue is also known as deferred revenues, because at the receiving of payment in advance, revenues are not recognized but deferred until they are earned.

To record: The adjusting entry on December 31, 2016.

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Answer 3

Question

Chapter 3, Problem 3.17SE

(1)

To determine

To journalize: The entry on October 1, using the alternative method of deferred revenues.

(2)

To determine

Deferred revenues

Collection of cash in advance to render service or to deliver goods in future is known as unearned revenues. These unearned revenues are considered as liabilities until they are earned. For the portion of rendered services or delivered goods, revenues would be recognized by way of passing an adjusting entry. Unearned revenue is also known as deferred revenues, because at the receiving of payment in advance, revenues are not recognized but deferred until they are earned.

To record: The adjusting entry on December 31, 2016.

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Answer 4

Question

Chapter 3, Problem 3.17SE

(1)

To determine

To journalize: The entry on October 1, using the alternative method of deferred revenues.

(2)

To determine

Deferred revenues

Collection of cash in advance to render service or to deliver goods in future is known as unearned revenues. These unearned revenues are considered as liabilities until they are earned. For the portion of rendered services or delivered goods, revenues would be recognized by way of passing an adjusting entry. Unearned revenue is also known as deferred revenues, because at the receiving of payment in advance, revenues are not recognized but deferred until they are earned.

To record: The adjusting entry on December 31, 2016.

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Answer 5

Chapter 3, Problem 3.17SE

(1)

To determine

To journalize: The entry on October 1, using the alternative method of deferred revenues.

(2)

To determine

Deferred revenues

Collection of cash in advance to render service or to deliver goods in future is known as unearned revenues. These unearned revenues are considered as liabilities until they are earned. For the portion of rendered services or delivered goods, revenues would be recognized by way of passing an adjusting entry. Unearned revenue is also known as deferred revenues, because at the receiving of payment in advance, revenues are not recognized but deferred until they are earned.

To record: The adjusting entry on December 31, 2016.

Answer 6

Chapter 3, Problem 3.17SE

(1)

To determine

To journalize: The entry on October 1, using the alternative method of deferred revenues.

Answer 7

Chapter 3, Problem 3.17SE

(1)

To determine

To journalize: The entry on October 1, using the alternative method of deferred revenues.

Answer 8

(2)

To determine

Deferred revenues

Collection of cash in advance to render service or to deliver goods in future is known as unearned revenues. These unearned revenues are considered as liabilities until they are earned. For the portion of rendered services or delivered goods, revenues would be recognized by way of passing an adjusting entry. Unearned revenue is also known as deferred revenues, because at the receiving of payment in advance, revenues are not recognized but deferred until they are earned.

To record: The adjusting entry on December 31, 2016.

Answer 9

(2)

To determine

Deferred revenues

Collection of cash in advance to render service or to deliver goods in future is known as unearned revenues. These unearned revenues are considered as liabilities until they are earned. For the portion of rendered services or delivered goods, revenues would be recognized by way of passing an adjusting entry. Unearned revenue is also known as deferred revenues, because at the receiving of payment in advance, revenues are not recognized but deferred until they are earned.

To record: The adjusting entry on December 31, 2016.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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To journalize: The entry on October 1, using the alternative method of deferred revenues.

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To journalize: The entry on October 1, using the alternative method of deferred revenues.

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