Homework Answers
A. Revenue recognition principle using accrual accounting requires that revenue are recognized when realized and earned not when cash is received.so barnes and noble recognizes the membership fee revenue throughout the year based on historical sales patterns not when cash received so the correct answer is Option 'c'.
B. Membership fee is revenue so it is recorded on the income statement as revenue.so it is not recorded on the balance sheet. so option 'a' is correct.
c. Discount allowed as recorded on the income statement on debit side.so the discount is deducted from the income statement at the time the membership is received. so the option a is correct
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Activities of the Art League are conducted by a part-time
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Required information [The following information applies to the questions displayed below.] The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There a...
Required information [The following information applies to the
questions displayed below.]
The Art League is a not-for-profit organization dedicated to
promoting the arts within the community. There are two programs
conducted by the Art League: (1) exhibition and sales of members’
art (referred to as Exhibition) and (2) Community Art Education.
Activities of the Art League are conducted by a part-time
administrator, a part-time secretary-bookkeeper, and several
part-time volunteers. The volunteers greet visitors, monitor the
security of the exhibit hall,...
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ps:/ Saved The following information applies to the questions displayed below] Lakewood Tennis Club (LTC) operates an indoor tennis facility. The company charges a $165 annual membership fee plus a member rental rate of $15 per court per hour. LTC's fiscal year-end is August 31. LTC's revenue recognition policy is described in its financial statement notes as follows: Revenue Recognition-LTC generates revenue from two sources. Annual membership fees arise from providing 12 months of services to members, so they are...
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he Art League is a not-for-profit organization dedicated to
promoting the arts within the community. There are two programs
conducted by the Art League: (1) exhibition and sales of members’
art (referred to as Exhibition) and (2) Community Art Education.
Activities of the Art League are conducted by a part-time
administrator, a part-time secretary-bookkeeper, and several
part-time volunteers. The volunteers greet visitors, monitor the
security of the exhibit hall, and handle the sales of art to the
public. Art on...
Required information [The following information applies to the
questions displayed below.]
The Art League is a not-for-profit organization dedicated to
promoting the arts within the community. There are two programs
conducted by the Art League: (1) exhibition and sales of members’
art (referred to as Exhibition) and (2) Community Art Education.
Activities of the Art League are conducted by a part-time
administrator, a part-time secretary-bookkeeper, and several
part-time volunteers. The volunteers greet visitors, monitor the
security of the exhibit hall,...
Required Information The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017 follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2017, follow. Additional Information...
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