Homework Answers
Ques 22 :
| ENTRY FOR AMOUNT RECEIVED: | ||
| Cash a/c Dr. | $50,000 | |
| To Customer Advances a/c | $50,000 | |
| [Being $ 50 received from 1,000 customers for NBA2k18. $50 × 1,000 = $50,000] | ||
| ADJUSTING ENTRY: | ||
| Customer Advances a/c Dr. | $45,000 | |
| To Sales a/c | $45,000 | |
| [Being games delivered to 900 customers against advance received. $50 × 900 = $45,000] | ||
| Note : The balance $5,000 of customer advances will be shown as a Current liability in the balance sheet. | ||
QUES 23 :
| ENTRY FOR ADVANCE RECEIVED: | ||
| Cash a/c Dr. | $100,000 | |
| To Customer Advances a/c | $100,000 | |
| [Being $50 received from 2,000 customers for NBA2k18. $50 × 2,000 = $100,000] | ||
| ADJUSTING ENTRY : | ||
| Customer Advances a/c Dr. | $75,000 | |
| To Sales a/c | $75,000 | |
| [Being 1500 games delivered to 1500 customers against advance received. $50 × 1500 = $75,000 | ||
| Note : The balance $25,000 of customer advances will be shown as a current liability in the balance sheet. |
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