Nov 30 | Cash | 20,200,000 | |
Unearned revenue | 20,200,000 | ||
Dec 31 | Unearned revenue | 13,200,000 | |
Sales revenue | 13,200,000 | ||
Endibf balance = 20,200,000 - 13,200,000
= 7,000,000
Comment if you face any issues
Part 1 part 2 Required information [The following information applies to the questions displayed below.) Apple...
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...
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,...
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.
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.
Required information [The following information applies to the questions displayed below.] Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.1 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. Required: Prepare the journal entries on October 1,...
Required information (The following information applies to the questions displayed below.) A company designs and sells high-end stereo equipment for auto and home use. Engineers notified management in December Year of a circuit flaw in an amplifier that poses a potential fire hazard. Further investigation indicates that a product recall is probable, estimated to cost the company $2.2 million. The fiscal year ends on December 31 Required: 1. Should this contingent liability be reported, disclosed in a note only, or...
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