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Brief Exercise 18-16 Bridgeport Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to...
Novak Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees....
Novak 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 $67,000. Novak Inc. receives a commission of 7% of the total price. Novak Inc. therefore remits $62,310 to shipAway. Prepare the journal entry to record the remittance and revenue recognized by Novak Inc. on this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
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...
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)
Help please! Brief Exercise 18-9 On January 2, 2017, Crane Inc. sells goods to Geo Company...
Help please!
Brief Exercise 18-9 On January 2, 2017, Crane Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $10,900, with payment due in 12 months. The fair value of the goods at the date of sale is s9,600 (cost $5,760) Prepare the journal entry to record this transaction on January 2, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select...
Brief Exercise 14-13 Your answer is partially correct. Try again. Bridgeport Corporation issued a 5-year, $84,000,...
Brief Exercise 14-13 Your answer is partially correct. Try again. Bridgeport Corporation issued a 5-year, $84,000, zero-interest-bearing note to Garcia Company on January 1, 2020, and received cash of $84,000. In addition, Bridgeport agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 11%. Prepare Bridgeport Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and...
Bridgeport Inc. operates in a province, where it is subject to GST of 5%. In August,...
Bridgeport Inc. operates in a province, where it is subject to GST of 5%. In August, Bridgeport purchased $26,900 of merchandise inventory, and had sales of $53,100 on account. Bridgeport uses a periodic inventory system. 1. Prepare the summary entry to record the purchases for August. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 2....
Brief Exercise 8-10 Bridgeport Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitme...
Brief Exercise 8-10 Bridgeport Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to purchase raw materials at an annual cost of $1,500,000. At December 31, 2019, the raw materials to be purchased in 2020 have a market price of $1,357,000. Prepare any December 31, 2019 entry that is needed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"...
Brief Exercise 13-7 Pharoah Inc. provides paid vacations to its employees. At December 31, 2017, 43...
Brief Exercise 13-7 Pharoah Inc. provides
paid vacations to its employees. At December 31, 2017, 43 employees
have each earned 2 weeks of vacation time. The employees’ average
salary is $350 per week. Prepare Pharoah’s December 31, 2017,
adjusting entry. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-7 Pharoah Inc. provides paid vacations...
Brief Exercise 10-4 Bramble University sells 3,500 season basketball tickets at $80 each for its 10-game...
Brief Exercise 10-4
Bramble 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.)
(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.)
Only these account titles work:
Accounts Payable...
Novak 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 $67,000. Novak Inc. receives a commission of 7% of the total price. Novak Inc. therefore remits $62,310 to shipAway. Prepare the journal entry to record the remittance and revenue recognized by Novak Inc. on this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
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...
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)
Help please!
Brief Exercise 18-9 On January 2, 2017, Crane Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $10,900, with payment due in 12 months. The fair value of the goods at the date of sale is s9,600 (cost $5,760) Prepare the journal entry to record this transaction on January 2, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select...
Brief Exercise 14-13 Your answer is partially correct. Try again. Bridgeport Corporation issued a 5-year, $84,000, zero-interest-bearing note to Garcia Company on January 1, 2020, and received cash of $84,000. In addition, Bridgeport agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 11%. Prepare Bridgeport Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and...
Brief Exercise 8-10 Bridgeport Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to purchase raw materials at an annual cost of $1,500,000. At December 31, 2019, the raw materials to be purchased in 2020 have a market price of $1,357,000. Prepare any December 31, 2019 entry that is needed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"...
Brief Exercise 13-7 Pharoah Inc. provides
paid vacations to its employees. At December 31, 2017, 43 employees
have each earned 2 weeks of vacation time. The employees’ average
salary is $350 per week. Prepare Pharoah’s December 31, 2017,
adjusting entry. (If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
Brief Exercise 13-7 Pharoah Inc. provides paid vacations...
Brief Exercise 10-4
Bramble 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.)
(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.)
Only these account titles work:
Accounts Payable...
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