CSUSB Publications publishes a volleyball magazine for women The magazine sells for $4.00 a copy on...
(6 Marks, each 3 Question 1: marks) A- Presley Company sells a product that includes a one-year warranty on parts and labor. During the year, 10,000 units are sold. Presley expects that 3% of the units will be defective and that the average warranty cost will be S50 per unit. Actual warranty costs incurred during the year were $14,000. Instructions Prepare the journal entries to record (a) the estimated warranty costs and (b) the actual costs incurred. B- Golf World...
Chow Publications Inc. is a publicly traded media company focused on products for the home chef market. The company publishes a monthly magazine that can be purchased at newsstands and is available for annual subscriptions (either paper copy or digital copy). Chow Publications sells annual subscriptions for S50 (paper copies) or $40 (digital copies). Subscriptions are paid in advance and are non-cancellable. Chow sold for cash 1 15,000 subscriptions on December 1, 2020, of which 30% were digital subscriptions. Single...
3. Moreno Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost RM20 per year. During November 2017, Moreno sells 15,000 subscriptions beginning with the December issue. Moreno prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. Required: (a) Prepare the entry in November for the receipt of the subscriptions. (b) Prepare the adjusting entry at December 31, 2017, to record...
Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Blossom sells 5,100 subscriptions for cash, beginning with the December issue. Blossom prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end (a) Prepare the entry in November for the receipt of the subscriptions. (Credit account titles...
Ivanhoe Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Ivanhoe sells 6,000 subscriptions for cash, beginning with the December issue. Ivanhoe prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are...
ivanhoe company Ltd publishes a monthy sports magazine,
fishing preview. subscriptions to the magazine cost $28 per year.
during november 2022, ivanhoe sells 6,000 subscriptions for cash,
beginning with the december issue. ivanhoe prepares financial
statements quarterly and recognizes subcription revenue at the end
of the quartee. the company uses the accounts unearned subcription
revenue and subscription revenue. the company has a december 31
year end
Date Account Titles and Explanation Debit Credit Nov. Prepare the adjusting entry at December...
stuck on adjusted entrys! pls help!
4-10. Deferrals. 1. Style Corporation is a magavine publisher. On February 1. it received $24,000 from customers who had purchased 2-vear magazine subscriptions. Style publishes the magazine monthly. On February 1, Style's bookkeeper made the following entry to record the subscription sales: Cr. Dr. Cash 24,000 Unearned subscription sales Subscription sales 23,000 1,000 Assume that it is now December 31. Style has not made any adjusting journal entries related to this transaction since February...
The Green Thumb Gardener is a retail store that sells plants, soil, and decorative pots. On December 31, 2019, the firm's general ledger contained the accounts and balances that appear below. ACCOUNTS AND BALANCES Cash $ 4,800 Dr. Accounts Receivable 1,700 Dr. Allowance for Doubtful Accounts 43 Cr. Merchandise Inventory 10,400 Dr. Supplies 1,110 Dr. Prepaid Advertising 1,080 Dr. Store Equipment 7,560 Dr. Accumulated Depreciation—Store Equipment 1,410 Cr. Office Equipment 1,060 Dr. Accumulated Depreciation—Office Equipment 190 Cr. Accounts Payable 2,535...
The Green Thumb Gardener is a retail store that sells plants, soil, and decorative pots. On December 31, 2019, the firm's general ledger contained the accounts and balances that appear below. ACCOUNTS AND BALANCES Cash $ 5,200 Dr. Accounts Receivable 2,100 Dr. Allowance for Doubtful Accounts 47 Cr. Merchandise Inventory 10,800 Dr. Supplies 1,150 Dr. Prepaid Advertising 960 Dr. Store Equipment 7,800 Dr. Accumulated Depreciation—Store Equipment 1,450 Cr. Office Equipment 1,300 Dr. Accumulated Depreciation—Office Equipment 230 Cr. Accounts Payable 2,575...
Recording Fixed Asset Disposal Manchester Company sells equipment on June 1, 2021, for $250,200 cash. Manchester incurred $1,440 of removal and selling costs on disposal. The equipment cost $450,000 when it was purchased on January 2, 2018. Its estimated residual value and useful life were $72,000 and 10 years, respectively. Manchester uses straight-line depreciation and records annual depreciation on each December 31. a. Prepare the journal entries needed to record the asset disposal on June 1, 2021. b. Record the...