Transaction | General Journal | Debit | Credit |
(a) | Cash A/C | 378,000 | |
Advance received for sale of the season tickets | 378,000 | ||
(Being cash received in advance for sale of 1350 season tickets packages at a price of $280 per package) | |||
(b) | Advance received for sale of the season tickets | 37,800 | |
Sale of the season tickets | 37,800 | ||
(Being revenue recognised for first show) |
PARTS A & B ! Required information [The following information applies to the questions displayed below.]...
Required information [The following information applies to the questions displayed below.] A local theater company sells 1,500 season ticket packages at a price of $250 per package. The first show in the 10-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or...
Required information [The following information applies to the questions displayed below.) A local theater company sells 1,350 season ticket packages at a price of $280 per package. The first show in the 10-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or...
Part one: A local theater company sells 1,550 season ticket packages at a price of $320 per package. The first show in the 10-show season starts this week. (a) The sale of the season tickets before the first show. The revenue from fulfilling the performance obligation by putting on the first show. Prepare the journal entries related for the above transactions A) A local theater company sells 1,550 season ticket packages at a price of $320 per package. Record the...
Help Save & tot Submit Required information The following information applies to the questions displayed below) Kirkland Theater sells season tickets for six events at a price of $36. For the 2019 season, 1680 season tickets were sold Required: 1. Use the horizontal model to show the effect of the sale of the season tickets indicate the financial statement effect Enter decreases with a minus sign to indicate a negative financial statement effect) Balance Sheet Required information The following information...
Required information [The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased 400 units @ $ 8 = $3,200 Purchased 200 units @ $10 = 2,000 Purchased 280 units @ $13 = 3,640 Purchased 90 units @ $15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Record the...
Required information [The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased 400 units @ $ 8 = $3,200 Purchased 200 units @ $10 = 2,000 Purchased 280 units @ $13 = 3,640 Purchased 90 units @ $15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Record the...
Required information The following information applies to the questions displayed below.) Kirkland Theater sells season tickets for six events at a price of $60. For the 2019 season, 4,350 season tickets were sold. Required: 6.1. Use the horizontal model to show the effect of the sale of the season tickets, Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Answer is not complete. Balance Sheet Assets Liabilities Stockholders Equity Net Income...
Required information The following information applies to the questions displayed below Tracy Company, a manufacturer of air conditioners, sold 150 units to Thomas Company on November 17, 2021. The units have a list price of $560 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26. 2021, assuming that the net method...
Required information [The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased 400 units @ $ 8 = $3,200 Purchased 200 units @ $10 = 2,000 Purchased 280 units @ $13 = 3,640 Purchased 90 units @ $15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Record the...
Required Information [The following information applies to the questions displayed below.] Movelt Corporation is the world's leading express-distribution company. In addition to its 643 aircraft, the company has more than 57,000 ground vehicles that pick up and deliver packages. Assume that Movelt sold a delivery truck for $14,000. Movelt had originally purchased the truck for $23,000 and had recorded depreciation for three years. 4. Prepare the journal entry to record the disposal of the truck, assuming that Accumulated Depreciation was...