QS 9-3 Unearned revenue LO C2
Ticketsales Inc., receives $7160,000 cash in advance ticket sales for a four-date tour of Bon Jovi Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts.
Homework Answers
| Date | General Journal | Debit | Credit |
| Oct 31 | Cash | $7,160,000 | - |
| Unearned ticket revenue | - | $7,160,000 | |
| Nov 5 | Unearned ticket revenue ($7,160,000 / 4) | $1,790,000 | - |
| Earned Ticket revenue | - | $1,790,000 |
QS 9-3 Unearned revenue LO C2 Ticketsales, Inc, receives $5,520,000 cash in advance ticket sales for...
QS 9-3 Unearned revenue LO C2 Ticketsales, Inc, receives $5,520,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31 Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance , ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts View transaction list Journal entry worksheet Record the cash receipt in advance of concerts Note: Enter...
Ticketsales, Inc., receives $6,840,000 cash in advance ticket sales for a four-date tour of Bon Jovi
QS 11-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,840,000 cash in advance ticket sales for a four-date tour of Bon Jovi, Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. QS 11-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,840,000 cash in advance ticket sales for a four-date tour...
QS 9-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,360,000 cash in advance ticket sales for...
QS 9-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,360,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. Journal entry worksheet 1 2 > Record the cash receipt in advance of concerts. Note: Enter debits...
Ticketsales, Inc., receives $4,920,000 cash in advance ticket sales for a four-date tour of Bon Jovi....
Ticketsales, Inc., receives $4,920,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts.
QS 3-11 Adjusting for unearned revenues LO P1 For each separate case below, follow the three-step...
QS 3-11 Adjusting for unearned revenues LO P1 For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Tao Co. receives $11,300 cash in advance...
At the beginning of the year, Modish Advertising owed customers $2,200 for unearned revenue collected in...
At the beginning of the year, Modish Advertising owed customers $2,200 for unearned revenue collected in advance. During the year, Modish received advance cash receipts of $8,600 and earned $50,000 of service revenue (exclusive of any amount earned from advance payments). At year-end, the liability for unearned revenue is $4,700 and unadjusted service revenue is $50,000. Read the requirements. 1. Record the adjusting entry assuming that Modish records the cash receipt of unearned revenue by initially crediting a liability account....
Exercise 9-2 Recording known current liabilities LO C2
Exercise 9-2 Recording known current liabilities LO C2 .1. On July 15, Piper Co. sold $25,000 of merchandise (costing $12,500) for cash. The sales tax rate is 5%. On August 1, Piper sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions.2. On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $750 cash. On November 20, the Bucks played the first game of the...
QS 2-2 Identifying financial statement accounts LO C2 Classify each of the following accounts as an...
QS 2-2 Identifying financial statement accounts LO C2 Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. a. Warehouse b. Common Stock C. Land d. Supplies Loan f. Prepaid Insurance Wages Payable h. Uneamed Ticket Revenue i. Trucks
QS 11-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $8,000 cash on...
QS 11-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $8,000 cash on September 30 (cost of merchandise is $5,600). The sales tax law requires Dextra to collect 2% sales tax on every dollar of merchandise sold. Record the entry for the $8,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 2% tax on this sale to the state government on October 15. View transaction list Journal entry worksheet...
QS 3-11 Adjusting for unearned (deferred) revenues LO P2 For each separate case below, follow the...
QS 3-11 Adjusting for unearned (deferred) revenues LO P2 For each separate case below, follow the three step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Tao Co receives $10,000 cash...
QS 9-3 Unearned revenue LO C2 Ticketsales, Inc, receives $5,520,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31 Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance , ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts View transaction list Journal entry worksheet Record the cash receipt in advance of concerts Note: Enter...
QS 11-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,840,000 cash in advance ticket sales for a four-date tour of Bon Jovi, Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. QS 11-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,840,000 cash in advance ticket sales for a four-date tour...
QS 9-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,360,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. Journal entry worksheet 1 2 > Record the cash receipt in advance of concerts. Note: Enter debits...
Ticketsales, Inc., receives $4,920,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts.
QS 3-11 Adjusting for unearned revenues LO P1 For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Tao Co. receives $11,300 cash in advance...
At the beginning of the year, Modish Advertising owed customers $2,200 for unearned revenue collected in advance. During the year, Modish received advance cash receipts of $8,600 and earned $50,000 of service revenue (exclusive of any amount earned from advance payments). At year-end, the liability for unearned revenue is $4,700 and unadjusted service revenue is $50,000. Read the requirements. 1. Record the adjusting entry assuming that Modish records the cash receipt of unearned revenue by initially crediting a liability account....
Exercise 9-2 Recording known current liabilities LO C2 .1. On July 15, Piper Co. sold $25,000 of merchandise (costing $12,500) for cash. The sales tax rate is 5%. On August 1, Piper sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions.2. On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $750 cash. On November 20, the Bucks played the first game of the...
QS 2-2 Identifying financial statement accounts LO C2 Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. a. Warehouse b. Common Stock C. Land d. Supplies Loan f. Prepaid Insurance Wages Payable h. Uneamed Ticket Revenue i. Trucks
QS 11-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $8,000 cash on September 30 (cost of merchandise is $5,600). The sales tax law requires Dextra to collect 2% sales tax on every dollar of merchandise sold. Record the entry for the $8,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 2% tax on this sale to the state government on October 15. View transaction list Journal entry worksheet...
QS 3-11 Adjusting for unearned (deferred) revenues LO P2 For each separate case below, follow the three step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Tao Co receives $10,000 cash...
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