1) The following transactions are July activities of Bill’s Extreme Bowling, Inc., which operates several bowling centers. If revenue is to be recognized in July, indicate the amount.
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2) The following transactions are July activities of Bill’s Extreme Bowling, Inc., which operates several bowling centers. If an expense is to be recognized in July, indicate the amount.
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3)
According to the revenue recognition principle, revenues should be recognized when or as the company performs acts promised to the customer. For many businesses, this condition is met at the point of delivery of goods or services. The following transactions occurred in September:
Required:
For each of the transactions, if revenue is to be recognized in September, indicate the amount. (Enter your answers in dollars but not in millions.)
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1) The following transactions are July activities of Bill’s Extreme Bowling, Inc., which operates several bowling...
M3-3 Identifying Accrual Basis Revenues [LO 3-2] The following transactions are July activities of Bill’s Extreme Bowling, Inc., which operates several bowling centers. If revenue is to be recognized in July, indicate the amount. a. Bill's collected $21,600 from customers for services related to games played in July. b. Bill's billed a customer for $355 for a party held at the center on the last day of July. The bill is to be paid in August. c.The men's and women's bowling leagues...
The following transactions are July activities of Bill's Extreme Bowling, Inc., which operates several bowling centers. If an expense is to be recognized in July, indicate the amount. ActivityAmounta. Bill's paid $2,250 in July to plumbers for repairing a broken pipe in the restrooms.b. Bill's paid $2,550 for the June electricity bill and received the July bill for $3,150, which will be paid in August.c. Bill's paid $5,750 to employees for work in July.
The following transactions are July activities of Bill's Extreme Bowling, Inc., which operates several bowling centers. a. Bill's collected $17,000 from customers for services related to games played in July b. Bill's billed a customer for $450 for a party held at the center on the last day of July. c. The bill is to be paid in August. The men's and women's bowling leagues gave Bill's advance payments totaling $2,800 for the fall season that starts in September d. Bul's received $1200 from...
2. The following transactions are July activities of Bill’s Extreme Bowling, Inc., which operates several bowling centers. Bill's paid $3,250 to plumbers for repairing a broken pipe in the restrooms. Bill's paid $3,150 for the June electricity bill and received the July bill for $3,450, which will be paid in August. Bill's paid $5,915 to employees for work in July. Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry...
M3-4 Identifying Accrual Basis Expenses [LO 3-2] The following transactions are July activities of Bill's Extreme Bowling, Inc., which operates several bowling centers. If an expense is to be recognized in July, indicate the amount. a. Bill's paid $2,000 to plumbers for repairing a broken pipe in the restrooms. b. Bill's paid $3,600 for the June electricity bill and received the July bill for $4,400, which will be paid in August. c. Bill's paid $5,525 to employees for work in July.
The following transactions are July activities of Bennett's Bowling, Inc.., which operates several bowling centers, offering customers lanes for games and merchandise for sale. a. Bennett's collected $15,000 from customers for games played in July. b. Bennett's sold bowling merchandise inventory from its pro shop for $800; received $300 in cash and customers owed the rest on account. (Consider only the effect on revenue here.) c. Bennett's received $400 from customers who purchased merchandise in June on account. d. The men's and ladies' bowling...
The following transactions are July activities of Bill's Extreme Bowling, Inc., which operates several bowling centers. a. Bill's paid $3,200 to plumbers for repairing a broken pipe in the restrooms. b. Bills paid $2,600 for the June electricity bill and received the July bill for $3,400, which will be paid in August. c. Bill's paid $5,655 to employees for work in July. Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No Journal Required" in the...
The following transactions are July activities of Bill's Extreme Bowling, Inc., which operates several bowling centers. a. Bill's paid $1,400 to plumbers for repairing a broken pipe in the restrooms. b. Bill's paid $2,300 for the June electricity bill and received the July bill for $3,600, which will be paid in August. c. Bill's paid $5,675 to employees for work in July. Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in...
Utilities Expense Cash Income Net Income 24 M3-2 Identifying Accrual Basis Revenues The following transactions are July activities of Bill's Extreme Bowling, Inc., which operates sev- eral bowling centers. If revenue is to be recognized in July, indicate the amount. If revenue is not to be recognized in July, explain why. Amount or Explanation Activity a. Bill's collected $12,000 from customers for services related to games played in July. b. Bill's billed a customer for $250 for a party held...
According to the revenue recognition principle, revenues should be recognized when they are earned, which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. The following transaotions occurred in September Required For each of the transactions, if revenue is to be recognized in September, indicate the amount. Amount Activity a. Gillespie Enterprises Inc. issued $25 million in new common stock Cal State University...