Homework Answers
Option 4 - Debit Unearned Revenue $11,250, Credit Sales $11,250
| Journal entries | ||||
| Date | Account | Debit | Credit | Calculation |
| a | Cash | $ 45,000 | ||
| Unearned Revenue | $ 45,000 | |||
| (Advance subscription sales received) | ||||
| b | Unearned Revenue | $ 11,250 | =45,000/4 | |
| Sales | $ 11,250 | |||
| (First quarterly journal mailed to customers) | ||||
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Chap 99 . willed to come. With A company has advance subscription sales totaling $45,000 for...
26-29 26. The with 27. he withdrawals by an owner has what effect on owner seg...
26-29
26. The with 27. he withdrawals by an owner has what effect on owner seg a. Increases cecreases с. гo effect The In July a con December 31 adusting en ry 15 : Y a company pays HO years advertising in advance. debit to Prepaid advertising and a credit to Advertising Expense. dobit to Advertising Expense and a credit to Prepaid Pdvertising. debit to Prepaid Advertising and a credit to cash. debit to Advertising Expense and a credit to...
Revaluation Magazine receives $90 in advance from a customer for a 3-year subscription. Revaluation Magazine's entry...
Revaluation Magazine receives $90 in advance from a customer for a 3-year subscription. Revaluation Magazine's entry to record this transaction would include: O A. debit to Unearned Subscription Revenue for $90 B. credit to Unearned Subscription Revenue for $90 C. credit to Subscription Revenue for $90 OD. debit to Subscription Revenue for $90 An accrued expense is an expense incurred by the company but not yet paid in cash. True O False Dreams Take Flight Ltd. includes the sales tax...
please help with all, automatic thumbs up! he withdrawals by an owner has what effect on...
please help with all, automatic thumbs up!
he withdrawals by an owner has what effect on owner what effect on owner's equity? C. 26. a. increases b. cecreases c. ro effect The 27. In July a company pays two years adve. y pays two years' advertising in advance. December 31 adjusting en ry is: a. a debit to Prepaid Adverti 1C to Prepaid Advertising and a credit to Advertising Expense. è debit to Advertising Expense and a credit g Expense...
Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28...
Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Blossom sells 5,100 subscriptions for cash, beginning with the December issue. Blossom prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end (a) Prepare the entry in November for the receipt of the subscriptions. (Credit account titles...
Ivanhoe Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28...
Ivanhoe Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Ivanhoe sells 6,000 subscriptions for cash, beginning with the December issue. Ivanhoe prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are...
ivanhoe company Ltd publishes a monthy sports magazine, fishing preview. subscriptions to the magazine cost $28...
ivanhoe company Ltd publishes a monthy sports magazine,
fishing preview. subscriptions to the magazine cost $28 per year.
during november 2022, ivanhoe sells 6,000 subscriptions for cash,
beginning with the december issue. ivanhoe prepares financial
statements quarterly and recognizes subcription revenue at the end
of the quartee. the company uses the accounts unearned subcription
revenue and subscription revenue. the company has a december 31
year end
Date Account Titles and Explanation Debit Credit Nov. Prepare the adjusting entry at December...
Ticketsales, Inc., receives $6,840,000 cash in advance ticket sales for a four-date tour of Bon Jovi
QS 11-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,840,000 cash in advance ticket sales for a four-date tour of Bon Jovi, Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. QS 11-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,840,000 cash in advance ticket sales for a four-date tour...
Can someone please answer? 56. A magazine company received $1,200 cash for subscriptions in August for...
Can someone please answer? 56. A magazine company received $1,200 cash for subscriptions in August for magazines to be mailed in September 2004 through December 2004. It originally recorded the amount received in a "temporary" account. After mailing 1/4 of the magazines in September 2004, the correct adjusting entry at the end of September (adjusting entries are made monthly by the Company) will be: Subscriptions Revenue 300 Unearned Revenue 300 Subscriptions Revenue 900 Unearned Revenue 900 Unearned Revenue 300 Subscriptions...
9) Amounts received in advance from customers for future products or services: A) Are liabilities. B)...
9) Amounts received in advance from customers for future products or services: A) Are liabilities. B) Are revenues C) Require an outlay of cash in the future. D) Increase income. E) Are not allowed under GAAP 10) If a company has advance ticket sales totaling $2,000,000 for the upcoming football season, the receipt of cash would be journalized as: A) Debit Unearned Revenue, credit Cash. B) Debit Unearmed Revenue, credit Sales. C) Debit Cash, credit Ticket sales payable. D) Debit...
QS 9-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,360,000 cash in advance ticket sales for...
QS 9-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,360,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. Journal entry worksheet 1 2 > Record the cash receipt in advance of concerts. Note: Enter debits...
26-29
26. The with 27. he withdrawals by an owner has what effect on owner seg a. Increases cecreases с. гo effect The In July a con December 31 adusting en ry 15 : Y a company pays HO years advertising in advance. debit to Prepaid advertising and a credit to Advertising Expense. dobit to Advertising Expense and a credit to Prepaid Pdvertising. debit to Prepaid Advertising and a credit to cash. debit to Advertising Expense and a credit to...
Revaluation Magazine receives $90 in advance from a customer for a 3-year subscription. Revaluation Magazine's entry to record this transaction would include: O A. debit to Unearned Subscription Revenue for $90 B. credit to Unearned Subscription Revenue for $90 C. credit to Subscription Revenue for $90 OD. debit to Subscription Revenue for $90 An accrued expense is an expense incurred by the company but not yet paid in cash. True O False Dreams Take Flight Ltd. includes the sales tax...
please help with all, automatic thumbs up!
he withdrawals by an owner has what effect on owner what effect on owner's equity? C. 26. a. increases b. cecreases c. ro effect The 27. In July a company pays two years adve. y pays two years' advertising in advance. December 31 adjusting en ry is: a. a debit to Prepaid Adverti 1C to Prepaid Advertising and a credit to Advertising Expense. è debit to Advertising Expense and a credit g Expense...
Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Blossom sells 5,100 subscriptions for cash, beginning with the December issue. Blossom prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end (a) Prepare the entry in November for the receipt of the subscriptions. (Credit account titles...
Ivanhoe Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Ivanhoe sells 6,000 subscriptions for cash, beginning with the December issue. Ivanhoe prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are...
ivanhoe company Ltd publishes a monthy sports magazine,
fishing preview. subscriptions to the magazine cost $28 per year.
during november 2022, ivanhoe sells 6,000 subscriptions for cash,
beginning with the december issue. ivanhoe prepares financial
statements quarterly and recognizes subcription revenue at the end
of the quartee. the company uses the accounts unearned subcription
revenue and subscription revenue. the company has a december 31
year end
Date Account Titles and Explanation Debit Credit Nov. Prepare the adjusting entry at December...
QS 11-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,840,000 cash in advance ticket sales for a four-date tour of Bon Jovi, Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. QS 11-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,840,000 cash in advance ticket sales for a four-date tour...
9) Amounts received in advance from customers for future products or services: A) Are liabilities. B) Are revenues C) Require an outlay of cash in the future. D) Increase income. E) Are not allowed under GAAP 10) If a company has advance ticket sales totaling $2,000,000 for the upcoming football season, the receipt of cash would be journalized as: A) Debit Unearned Revenue, credit Cash. B) Debit Unearmed Revenue, credit Sales. C) Debit Cash, credit Ticket sales payable. D) Debit...
QS 9-3 Unearned revenue LO C2 Ticketsales, Inc., receives $6,360,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Inc. initially records prepaid and unearned items in balance sheet accounts. Journal entry worksheet 1 2 > Record the cash receipt in advance of concerts. Note: Enter debits...
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