Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells...
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $20.9 million in iTunes gift cards in November, and customers redeem $13.9 million of the gift cards in December.
Record the necessary entries in the Journal Entry Worksheet below.
Homework Answers
| A | Cash | 20,900,000 | |
| Unearned revenue | 20,900,000 | ||
| B | Unearned revenue | 13,900,000 | |
| Sales revenue | 13,900,000 | ||
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Apple Inc. is the number one online music retailer
through its iTunes music store. Apple sells...
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $1...
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $20.9 million in iTunes gift cards in November, and customers redeem $13.9 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field....
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells...
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in S15, $25. and $50 increments. Assume Apple sells $20.7 million in iTunes gift cards in November, and customers redeern 5137 million of the gift cards in December Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field....
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells...
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $19.3 million in iTunes gift cards in November, and customers redeem $12.3 million of the gift cards in December Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field....
A company is the number one online music retailer through its iTunes music store. The company...
A company is the number one online music retailer through its iTunes music store. The company sells iTunes gift cards in $15, $25, and $50 increments. Assume the company sells $19.7 million in iTunes gift cards in November, and customers redeem $12.7 million of the gift cards in December. 1. & 2. Record the necessary entries in the Journal Entry Worksheet 1. Record the receipt of cash for gift cards. 2. Record the revenue recognized from redemption of gift cards.
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells...
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $19.3 million in iTunes gift cards in November, and customers redeem $12.3 million of the gift cards in December. Record the receipt of cash for gift cards. Record the revenue recognized from redemption of gift cards. 3. What is the ending balance in the Deferred Revenue account? (Enter your answer in dollars,...
Part 1 part 2 Required information [The following information applies to the questions displayed below.) Apple...
Part 1 part 2
Required information [The following information applies to the questions displayed below.) Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $20.2 million in iTunes gift cards in November, and customers redeem $13.2 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is...
Required information [The following information applies to the questions displayed below.) Apple Inc. is the number...
Required information [The following information applies to the questions displayed below.) Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $20.0 million in iTunes gift cards in November, and customers redeem $13.0 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular...
Vail is one of the largest ski resorts in the United States. Suppose that on October...
Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2021, Vail sells gift cards (lift passes) for $100,000. The gift cards are redeemable for one day of skiing during the upcoming winter season. The gift cards expire on April 1, 2022. Customers redeem gift cards of $20,000 in December, $30,000 in January, $25,000 in February, and $15,000 in March. Required: 1.-4. Record the necessary entries in the Journal Entry Worksheet below. (If...
Sarah's Pottery and Gift store had the following transactions: a. On November 15, 2015, Katie, from...
Sarah's Pottery and Gift store had the following transactions: a. On November 15, 2015, Katie, from a small office business, Custom Graphics, contacted Sarah to purchase gift cards for the holiday season. Katie's boss gave her $7,200 to purchase 90 gift cards with a value of $80 each from Sarah. b. During the month of December, 85 of the $80 gift cards were used in full by staff members of Custom Graphics. Required: 1-a. Prepare the journal entries for each...
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts...
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for $70 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 30% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 20% of customers will utilize the coupon, and that on average those customers will purchase additional goods...
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $20.9 million in iTunes gift cards in November, and customers redeem $13.9 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field....
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in S15, $25. and $50 increments. Assume Apple sells $20.7 million in iTunes gift cards in November, and customers redeern 5137 million of the gift cards in December Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field....
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $19.3 million in iTunes gift cards in November, and customers redeem $12.3 million of the gift cards in December Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field....
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $19.3 million in iTunes gift cards in November, and customers redeem $12.3 million of the gift cards in December. Record the receipt of cash for gift cards. Record the revenue recognized from redemption of gift cards. 3. What is the ending balance in the Deferred Revenue account? (Enter your answer in dollars,...
Part 1 part 2
Required information [The following information applies to the questions displayed below.) Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $20.2 million in iTunes gift cards in November, and customers redeem $13.2 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is...
Required information [The following information applies to the questions displayed below.) Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $20.0 million in iTunes gift cards in November, and customers redeem $13.0 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular...
Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2021, Vail sells gift cards (lift passes) for $100,000. The gift cards are redeemable for one day of skiing during the upcoming winter season. The gift cards expire on April 1, 2022. Customers redeem gift cards of $20,000 in December, $30,000 in January, $25,000 in February, and $15,000 in March. Required: 1.-4. Record the necessary entries in the Journal Entry Worksheet below. (If...
Sarah's Pottery and Gift store had the following transactions: a. On November 15, 2015, Katie, from a small office business, Custom Graphics, contacted Sarah to purchase gift cards for the holiday season. Katie's boss gave her $7,200 to purchase 90 gift cards with a value of $80 each from Sarah. b. During the month of December, 85 of the $80 gift cards were used in full by staff members of Custom Graphics. Required: 1-a. Prepare the journal entries for each...
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for $70 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 30% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 20% of customers will utilize the coupon, and that on average those customers will purchase additional goods...
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