Homework Answers
| Account Titles and Explanation | Debit | Credit | |
| 1 | Cash | 76000 | |
| Accounts Payable – ShipAway Cruise Lines | 76000 | ||
| 2 | Accounts Payable – ShipAway Cruise Lines | 76000 | |
| Cash | 71440 | ||
| Sales revenue | 4560 |
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Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Pharoah Company employees....
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...
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...
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...
Pharoah Inc. sells storage structures of various sizes to homeowners and businesses. Respond to the requirements...
Pharoah Inc. sells storage structures of various sizes to homeowners and businesses. Respond to the requirements related to the following independent revenue arrangements for Pharoah products and services. Pharoah offers building R400, mainly to homeowners. Pharoah will also install the building for the customer. The price for Pharoah to deliver and install an R400 is $6,200. On a standalone basis, the building sells for $6,000 (cost $3,500), and Pharoah estimates that the standalone selling price of the installation service (based...
Waterway Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020....
Waterway Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $550,100 (cost of $510,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,100. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Waterway for the full sales price. Prepare the journal entry(ies) to record the sale and related...
Pharoah Company sells televisions at an average price of $925 and also offers to each customer...
Pharoah Company sells televisions at an average price of $925 and also offers to each customer a separate 3-year warranty contract for $93 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 288 televisions and 248 warranty contracts for cash. It estimates the 3-year warranty costs as $21 for parts and $41 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty...
Question 9 Pharoah Inc. has negotiated the purchase of a new piece of automatic equipment at...
Question 9 Pharoah Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $10,720 plus trade-in, f.o.b. factory. Pharoah Inc. paid $10,720 cash and traded in used equipment. The used equipment had originally cost $83,080; it had a book value of $56,280 and a secondhand fair value of $64,052, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,474. Prepare the general...
Recording Principal and Agent Revenue Entries Travel-by-Air Inc. sells discounted airline tickets to travelers on three...
Recording Principal and Agent Revenue Entries Travel-by-Air Inc. sells discounted airline tickets to travelers on three major airlines. The discounted airfares are established by the airline companies that fulfill the promised flights. After purchase, customers must contact the airline companies directly for changes to or questions about their airline tickets. The customer pays for the airline ticket through the website of Travel-by-Air. Travel-by-Air forwards the payment for the airline tickets to the airlines less a 10% commission fee. In August...
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...
During the month of March, Pharoah Company's employees earned wages of $60,000. Withholdings related to these...
During the month of March, Pharoah Company's employees earned
wages of $60,000. Withholdings related to these wages were $4,590
for FICA, $7,200 for federal home tax, $3,000 for state income tax,
and $360 for union dues. The company incurred no cost related to
these earnings for federal unemployment tax but incurred $600 for
state unemployment tax.
Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March...
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...
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...
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...
Pharoah Inc. sells storage structures of various sizes to homeowners and businesses. Respond to the requirements related to the following independent revenue arrangements for Pharoah products and services. Pharoah offers building R400, mainly to homeowners. Pharoah will also install the building for the customer. The price for Pharoah to deliver and install an R400 is $6,200. On a standalone basis, the building sells for $6,000 (cost $3,500), and Pharoah estimates that the standalone selling price of the installation service (based...
Waterway Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $550,100 (cost of $510,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,100. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Waterway for the full sales price. Prepare the journal entry(ies) to record the sale and related...
Pharoah Company sells televisions at an average price of $925 and also offers to each customer a separate 3-year warranty contract for $93 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 288 televisions and 248 warranty contracts for cash. It estimates the 3-year warranty costs as $21 for parts and $41 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty...
Question 9 Pharoah Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $10,720 plus trade-in, f.o.b. factory. Pharoah Inc. paid $10,720 cash and traded in used equipment. The used equipment had originally cost $83,080; it had a book value of $56,280 and a secondhand fair value of $64,052, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,474. Prepare the general...
Recording Principal and Agent Revenue Entries Travel-by-Air Inc. sells discounted airline tickets to travelers on three major airlines. The discounted airfares are established by the airline companies that fulfill the promised flights. After purchase, customers must contact the airline companies directly for changes to or questions about their airline tickets. The customer pays for the airline ticket through the website of Travel-by-Air. Travel-by-Air forwards the payment for the airline tickets to the airlines less a 10% commission fee. In August...
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...
During the month of March, Pharoah Company's employees earned
wages of $60,000. Withholdings related to these wages were $4,590
for FICA, $7,200 for federal home tax, $3,000 for state income tax,
and $360 for union dues. The company incurred no cost related to
these earnings for federal unemployment tax but incurred $600 for
state unemployment tax.
Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March...
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