Homework Answers
| e. | 95,824.17 | ||||
| g. | 28,139.83 | ||||
| j. | 28,139.83 | ||||
| Allocation: | Stand-alone Price | Percentage | Price | Allocation | |
| Software | 143,257.14 | 77.30% | 123,964.00 | 95,824.17 | |
| Technical Support | 42,069.04 | 22.70% | 123,964.00 | 28,139.83 | |
| 185,326.18 | 123,964.00 | ||||
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• On July 1, 2016 ABC sold software to a customer for $123964 • As part...
On July 1, 2016 ABC sold software to a customer for $108201 As part of the...
On July 1, 2016 ABC sold software to a customer for $108201 As part of the contract, ABC promises to provide free technical support over the next 6 months ABC sells the same software without technical support for $136749.83 and stand-alone 6- month technical support contract for $37453.78 Prepare journal entries for ABC Use the account titles on the spreadsheet account_titles.xlsx a. the number of performance obligations in the contract is b. the journal entry on July 1, 2016 will...
• On October 01, 2016, ABC signed a $18520 consulting contract with XYZ • The contract...
• On October 01, 2016, ABC signed a $18520 consulting contract with XYZ • The contract requires ABC to provide computer technology support services whenever requested over the period from October 01, 2016 to June 01, 2018, with XYZ paying the entire $18520 on October 01, 2016 • Use the account titles on the spreadsheet account_titles.xlsx • Prepare journal entries for ABC a. the journal entry on October 01, 2016 will be a DR to (account title) b. the journal...
• P shipped software to a customer on July 1, 2016 • The total contract price...
• P shipped software to a customer on July 1, 2016 • The total contract price is $18457 • The arrangement with the customer also requires P o To provide technical support over the next 5 years o To ship an expected major software upgrade on July 1, 2019 • Estimates of the individual fair values of the components of the arrangement if sold separately are: 1. Software: $7567 2. Technical support: $7752 3. Upgrade: $7198 a. the number of...
Sarjit Systems sold software to a customer for $177,000. As part of the contract, Sarjit promises...
Sarjit Systems sold software to a customer for $177,000. As part of the contract, Sarjit promises to provide "free" technical support over the next six months. Sarjit sells the same software without technical support for $154,000 and a stand-alone six-month technical support contract for $66,000, so these products would sell for $220,000 if sold separately. Prepare Sarjit's journal entry to record the sale of the software. (If no entry is required for a transaction/event, select "No journal entry required" in...
Sarjit Systems sold software to a customer for $153,000. As part of the contract, Sarjit promises...
Sarjit Systems sold software to a customer for $153,000. As part of the contract, Sarjit promises to provide "free" technical support over the next six months. Sarjit sells the same software without technical support for $133,000 and a stand-alone six-month technical support contract for $57,000, so these products would sell for $190,000 if sold separately. Prepare Sarjit's journal entry to record the sale of the software. (If no entry is required for a transaction/event, select "No journal entry required" in...
On July 1, 2022, Blossom Company pays $15,624 to Sheridan Company for a 2-year insurance contract....
On July 1, 2022, Blossom Company pays $15,624 to Sheridan
Company for a 2-year insurance contract. Both companies have fiscal
years ending December 31.
For Blossom Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Debit Credit Account Titles and Explanation Unearned Service Revenue July 1 15624 1562...
Brief Exercise 4-7 (Part Level Submission) On July 1, 2017, Sandhill Co. pays 516,500 to Pharoah...
Brief Exercise 4-7 (Part Level Submission) On July 1, 2017, Sandhill Co. pays 516,500 to Pharoah Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. Your answer is correct. Journalize the entry on July 1 and the adjusting entry on December 31 for Pharoah Company. Pharoah uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the...
On July 1, 2017, Sandhill Co. pays $16,500 to Pharoah Company for a 2-year insurance contract....
On July 1, 2017, Sandhill Co. pays $16,500 to Pharoah Company
for a 2-year insurance contract. Both Companies have fiscal years
ending December 31.
a) Journalize the entry on July 1 and the adjusting entry on
December 31 for Pharoah Company. Pharoah uses the accounts Unearned
Service Revenue and Service Revenue.
(Record journal entries in the order presented in
the problem. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit...
Exercise 4-7 (Part Level Submission) July 1, 2017, Crane Com pa ny pays $ 12,000 to...
Exercise 4-7 (Part Level Submission) July 1, 2017, Crane Com pa ny
pays $ 12,000 to Wil dhorse Co. for a 1-year insurance contract.
Both com pan ies have fiscal years ending December 31. 9)▲Post the
entry on July 1 and the adjustng entry on December 31 for
Willdhorse Co., (Post entries in the order of journal antries
presented In the previous part Uneamed Service Rvenue
CALCULATOR PRINTER VERLETON Brief Exercise 4-7 (Part Level Submission) On July 1, 2017, Crane...
On July 1, 2022, Blossom Company pays $14,500 to Cullumber Company for a 1-year insurance contract....
On July 1,2022, Blossom Company pays $ 14,500 to Cullumber Company for a 1 -year insurance contract. Both companies have fiscal years ending December 31.Journalize the entry on July 1 and the adjusting entry on December 31 for Cullumber Company. Cullumber uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account...
On July 1, 2016 ABC sold software to a customer for $108201 As part of the contract, ABC promises to provide free technical support over the next 6 months ABC sells the same software without technical support for $136749.83 and stand-alone 6- month technical support contract for $37453.78 Prepare journal entries for ABC Use the account titles on the spreadsheet account_titles.xlsx a. the number of performance obligations in the contract is b. the journal entry on July 1, 2016 will...
• On October 01, 2016, ABC signed a $18520 consulting contract with XYZ • The contract requires ABC to provide computer technology support services whenever requested over the period from October 01, 2016 to June 01, 2018, with XYZ paying the entire $18520 on October 01, 2016 • Use the account titles on the spreadsheet account_titles.xlsx • Prepare journal entries for ABC a. the journal entry on October 01, 2016 will be a DR to (account title) b. the journal...
• P shipped software to a customer on July 1, 2016 • The total contract price is $18457 • The arrangement with the customer also requires P o To provide technical support over the next 5 years o To ship an expected major software upgrade on July 1, 2019 • Estimates of the individual fair values of the components of the arrangement if sold separately are: 1. Software: $7567 2. Technical support: $7752 3. Upgrade: $7198 a. the number of...
Sarjit Systems sold software to a customer for $177,000. As part of the contract, Sarjit promises to provide "free" technical support over the next six months. Sarjit sells the same software without technical support for $154,000 and a stand-alone six-month technical support contract for $66,000, so these products would sell for $220,000 if sold separately. Prepare Sarjit's journal entry to record the sale of the software. (If no entry is required for a transaction/event, select "No journal entry required" in...
Sarjit Systems sold software to a customer for $153,000. As part of the contract, Sarjit promises to provide "free" technical support over the next six months. Sarjit sells the same software without technical support for $133,000 and a stand-alone six-month technical support contract for $57,000, so these products would sell for $190,000 if sold separately. Prepare Sarjit's journal entry to record the sale of the software. (If no entry is required for a transaction/event, select "No journal entry required" in...
On July 1, 2022, Blossom Company pays $15,624 to Sheridan
Company for a 2-year insurance contract. Both companies have fiscal
years ending December 31.
For Blossom Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Debit Credit Account Titles and Explanation Unearned Service Revenue July 1 15624 1562...
Brief Exercise 4-7 (Part Level Submission) On July 1, 2017, Sandhill Co. pays 516,500 to Pharoah Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. Your answer is correct. Journalize the entry on July 1 and the adjusting entry on December 31 for Pharoah Company. Pharoah uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the...
On July 1, 2017, Sandhill Co. pays $16,500 to Pharoah Company
for a 2-year insurance contract. Both Companies have fiscal years
ending December 31.
a) Journalize the entry on July 1 and the adjusting entry on
December 31 for Pharoah Company. Pharoah uses the accounts Unearned
Service Revenue and Service Revenue.
(Record journal entries in the order presented in
the problem. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit...
Exercise 4-7 (Part Level Submission) July 1, 2017, Crane Com pa ny
pays $ 12,000 to Wil dhorse Co. for a 1-year insurance contract.
Both com pan ies have fiscal years ending December 31. 9)▲Post the
entry on July 1 and the adjustng entry on December 31 for
Willdhorse Co., (Post entries in the order of journal antries
presented In the previous part Uneamed Service Rvenue
CALCULATOR PRINTER VERLETON Brief Exercise 4-7 (Part Level Submission) On July 1, 2017, Crane...
On July 1,2022, Blossom Company pays $ 14,500 to Cullumber Company for a 1 -year insurance contract. Both companies have fiscal years ending December 31.Journalize the entry on July 1 and the adjusting entry on December 31 for Cullumber Company. Cullumber uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account...
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