Revenue journal: Revenue journal refers to the journal that is used to record the fees earned on account. In the revenue journal, all revenue transactions are recorded only when the business performed service to the customer on account (credit). To record: The revenue transactions in the book of G Services Company during the month of August.

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Answer 1

Question

Chapter 5, Problem 5.6EX

(a)

To determine

Revenue journal:

Revenue journal refers to the journal that is used to record the fees earned on account. In the revenue journal, all revenue transactions are recorded only when the business performed service to the customer on account (credit).

To record: The revenue transactions in the book of G Services Company during the month of August.

(b)

To determine

To describe: The total amount posted to the accounts receivable, and fees earned account.

(c)

To determine

To describe: The August 31 balances of the M Corporation customer account, and assume that the opening balance is zero.

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Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's assets, Liabilities, and Equity?

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Answer 2

Question

Chapter 5, Problem 5.6EX

(a)

To determine

Revenue journal:

Revenue journal refers to the journal that is used to record the fees earned on account. In the revenue journal, all revenue transactions are recorded only when the business performed service to the customer on account (credit).

To record: The revenue transactions in the book of G Services Company during the month of August.

(b)

To determine

To describe: The total amount posted to the accounts receivable, and fees earned account.

(c)

To determine

To describe: The August 31 balances of the M Corporation customer account, and assume that the opening balance is zero.

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Answer 3

Question

Chapter 5, Problem 5.6EX

(a)

To determine

Revenue journal:

Revenue journal refers to the journal that is used to record the fees earned on account. In the revenue journal, all revenue transactions are recorded only when the business performed service to the customer on account (credit).

To record: The revenue transactions in the book of G Services Company during the month of August.

(b)

To determine

To describe: The total amount posted to the accounts receivable, and fees earned account.

(c)

To determine

To describe: The August 31 balances of the M Corporation customer account, and assume that the opening balance is zero.

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem 5.6EX

(a)

To determine

Revenue journal:

Revenue journal refers to the journal that is used to record the fees earned on account. In the revenue journal, all revenue transactions are recorded only when the business performed service to the customer on account (credit).

To record: The revenue transactions in the book of G Services Company during the month of August.

(b)

To determine

To describe: The total amount posted to the accounts receivable, and fees earned account.

(c)

To determine

To describe: The August 31 balances of the M Corporation customer account, and assume that the opening balance is zero.

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 5.6EX

(a)

To determine

Revenue journal:

Revenue journal refers to the journal that is used to record the fees earned on account. In the revenue journal, all revenue transactions are recorded only when the business performed service to the customer on account (credit).

To record: The revenue transactions in the book of G Services Company during the month of August.

(b)

To determine

To describe: The total amount posted to the accounts receivable, and fees earned account.

(c)

To determine

To describe: The August 31 balances of the M Corporation customer account, and assume that the opening balance is zero.

Answer 6

Chapter 5, Problem 5.6EX

(a)

To determine

Revenue journal:

Revenue journal refers to the journal that is used to record the fees earned on account. In the revenue journal, all revenue transactions are recorded only when the business performed service to the customer on account (credit).

To record: The revenue transactions in the book of G Services Company during the month of August.

Answer 7

Chapter 5, Problem 5.6EX

(a)

To determine

Revenue journal:

Revenue journal refers to the journal that is used to record the fees earned on account. In the revenue journal, all revenue transactions are recorded only when the business performed service to the customer on account (credit).

To record: The revenue transactions in the book of G Services Company during the month of August.

Answer 8

(b)

To determine

To describe: The total amount posted to the accounts receivable, and fees earned account.

Answer 9

(b)

To determine

To describe: The total amount posted to the accounts receivable, and fees earned account.

Answer 10

(c)

To determine

To describe: The August 31 balances of the M Corporation customer account, and assume that the opening balance is zero.

Answer 11

(c)

To determine

To describe: The August 31 balances of the M Corporation customer account, and assume that the opening balance is zero.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 5 - Why would a company maintain separate accounts...Ch. 5 - What are the major advantages of the use of...Ch. 5 - Prob. 3DQ Ch. 5 - How many postings to Fees Earned for the month...Ch. 5 - During the current month, the following errors...Ch. 5 - Prob. 6DQ Ch. 5 - What is an electronic form, and how is it used in...Ch. 5 - Prob. 8DQ Ch. 5 - What happens to the special journal in a...Ch. 5 - Prob. 10DQ

Solution Summary: The author explains the revenue journal of G Services Company, which records revenue transactions in the book of accounts receivable, and fees earned during the month of August.

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To describe: The total amount posted to the accounts receivable, and fees earned account.

To describe: The August 31 balances of the M Corporation customer account, and assume that the opening balance is zero.

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