Homework Answers
Commission = $67,000 x 7% = $4,690
| Account title and explanation | Debit | Credit |
| Account payable | 67,000 | |
| Sales revenue | 4,690 | |
| Cash | 62,310 |
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Novak Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees....
Brief Exercise 18-16 Bridgeport Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to...
Brief Exercise 18-16 Bridgeport Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. The total cruise package price to Carmel Company employees is $84,000 Bridgeport Inc. receives a commission of 6% of the total price. Bridgeport Inc. therefore remits $78,960 to ShipAway Prepare the journal entry to record the remittance and revenue recognized by Bridgeport Inc. on this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Pharoah Company employees....
Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Pharoah Company employees. The total cruise package price to Pharoah Company employees is $76,000. Travel Inc. receives a commission of 6% of the total price. Travel Inc. therefore remits $71,440 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $76,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Travel Inc. on this transaction. (Credit account titles...
Novak Company sells one product. Presented below is information for January for Novak Company. Novak Company sells one...
Novak Company sells one product. Presented below is information
for January for Novak Company.
Novak Company sells one product. Presented below is information for January for Novak Company. Jan. 1 4 11 13 20 27 Inventory Sale Purchase Sale Purchase Sale 125 units at $4 each 104 units at $8 each 158 units at $6 each 130 units at $9 each 149 units at $6 each 87 units at $11 each Novak uses the FIFO cost flow assumption. All purchases...
On January 1, 2020, Novak Co. enters into a contract to sell a customer a wiring...
On January 1, 2020, Novak Co. enters into a contract to sell a customer a wiring base and shelving unit that sits on the base in exchange for $2,800. The contract requires delivery of the base first but states that payment for the base will not be made until the shelving unit is delivered. Novak identifies two performance obligations and allocates $1,120 of the transaction price to the wiring base and the remainder to the shelving unit. The cost of...
Washburn University sells 3,500 season basketball tickets at $80 each for its 10-game home schedule. (a)...
Washburn University sells 3,500 season basketball tickets at $80
each for its 10-game home schedule.
(a) Give the entry to record the sale of the
season tickets. (Credit account titles are automatically indented when amount
is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
(b) Give the entry to record the
revenue recognized after playing the first home game. (Round answers to 0 decimal places, e.g. 125.
Credit account titles are automatically indented when amount is
entered....
Marin University sells 4,200 season basketball tickets at $80 each for the entire 20-game home schedule....
Marin University sells 4,200 season basketball tickets at $80 each for the entire 20-game home schedule. (a) Give the entry to record the sale of the season tickets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (b) Give the entry to record the revenue recognized after playing the first home game. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
View Policies Current Attempt in Progress Kingbird University sells 3,000 season basketball tickets at $40 each...
View Policies Current Attempt in Progress Kingbird University sells 3,000 season basketball tickets at $40 each for the entire 10-game home schedule. (a) Give the entry to record the sale of the season tickets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (b) Give the entry to record the revenue recognized after playing the first home game. (Credit account titles are automatically indented when amount is entered. Do not indent...
Cullumber Manufacturing Inc. is a local manufacturing company. Rather than sell its product directly. Cullumber ships...
Cullumber Manufacturing Inc. is a local manufacturing company. Rather than sell its product directly. Cullumber ships its finished goods inventory to CMR Retailing Ltd., who sells the product for Cullumber on consignment. During 2020, Cullumber ships $101,500 in merchandise to CMR. At the end of 2020, CMR has sold 65% of the merchandise for $73,500. CMR notifies Cullumber of the sales, retains a 20% commission, and remits the cash due to Cullumbat Prepare all the necessary journal entries on the...
Brief Exercise 10-4 Derby University sells 4,400 season basketball tickets at $280 each for its 11-game...
Brief Exercise 10-4
Derby University sells 4,400 season basketball tickets at $280 each
for its 11-game home schedule.
Give the entry to record (a) the sale of the season tickets and (b)
the revenue recognized by playing the first home game.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
Brief Exercise 10-4 Derby University sells 4,400 season basketball tickets at $280 each for its 11-game...
Brief Exercise 10-4
Derby University sells 4,400 season basketball tickets at $280 each
for its 11-game home schedule.
Give the entry to record (a) the sale of the season tickets and (b)
the revenue recognized by playing the first home game.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
Brief Exercise 18-16 Bridgeport Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. The total cruise package price to Carmel Company employees is $84,000 Bridgeport Inc. receives a commission of 6% of the total price. Bridgeport Inc. therefore remits $78,960 to ShipAway Prepare the journal entry to record the remittance and revenue recognized by Bridgeport Inc. on this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Pharoah Company employees. The total cruise package price to Pharoah Company employees is $76,000. Travel Inc. receives a commission of 6% of the total price. Travel Inc. therefore remits $71,440 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $76,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Travel Inc. on this transaction. (Credit account titles...
Novak Company sells one product. Presented below is information
for January for Novak Company.
Novak Company sells one product. Presented below is information for January for Novak Company. Jan. 1 4 11 13 20 27 Inventory Sale Purchase Sale Purchase Sale 125 units at $4 each 104 units at $8 each 158 units at $6 each 130 units at $9 each 149 units at $6 each 87 units at $11 each Novak uses the FIFO cost flow assumption. All purchases...
On January 1, 2020, Novak Co. enters into a contract to sell a customer a wiring base and shelving unit that sits on the base in exchange for $2,800. The contract requires delivery of the base first but states that payment for the base will not be made until the shelving unit is delivered. Novak identifies two performance obligations and allocates $1,120 of the transaction price to the wiring base and the remainder to the shelving unit. The cost of...
Washburn University sells 3,500 season basketball tickets at $80
each for its 10-game home schedule.
(a) Give the entry to record the sale of the
season tickets. (Credit account titles are automatically indented when amount
is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
(b) Give the entry to record the
revenue recognized after playing the first home game. (Round answers to 0 decimal places, e.g. 125.
Credit account titles are automatically indented when amount is
entered....
View Policies Current Attempt in Progress Kingbird University sells 3,000 season basketball tickets at $40 each for the entire 10-game home schedule. (a) Give the entry to record the sale of the season tickets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (b) Give the entry to record the revenue recognized after playing the first home game. (Credit account titles are automatically indented when amount is entered. Do not indent...
Cullumber Manufacturing Inc. is a local manufacturing company. Rather than sell its product directly. Cullumber ships its finished goods inventory to CMR Retailing Ltd., who sells the product for Cullumber on consignment. During 2020, Cullumber ships $101,500 in merchandise to CMR. At the end of 2020, CMR has sold 65% of the merchandise for $73,500. CMR notifies Cullumber of the sales, retains a 20% commission, and remits the cash due to Cullumbat Prepare all the necessary journal entries on the...
Brief Exercise 10-4
Derby University sells 4,400 season basketball tickets at $280 each
for its 11-game home schedule.
Give the entry to record (a) the sale of the season tickets and (b)
the revenue recognized by playing the first home game.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
Brief Exercise 10-4
Derby University sells 4,400 season basketball tickets at $280 each
for its 11-game home schedule.
Give the entry to record (a) the sale of the season tickets and (b)
the revenue recognized by playing the first home game.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
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