Homework Answers
Solution:
| Journal Entries - TTT | |||
| Date | Particulars | Debit | Credit |
| 2018 | Cash Dr | $420,000,000.00 | |
| To Unearned subscription revenue | $420,000,000.00 | ||
| (To record subscription received in advance) | |||
| 2018 | Unearned subscription revenue Dr | $204,000,000.00 | |
| To Subscription revenue | $204,000,000.00 | ||
| (To record subscription revenue) | |||
| 2019 | Unearned subscription revenue Dr | $216,000,000.00 | |
| To Subscription revenue | $216,000,000.00 | ||
| (To record subscription revenue) | |||
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requreu uHUmen (The following information applies to the questions displayed below) The Tennis Times (TTT) is a p...
Required information [The following information applies to the questions displayed below.] The Tennis Times (TTT) is...
Required information [The following information applies to the questions displayed below.] The Tennis Times (TTT) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TTT (a) collected $420 million in 2018 for magazines that will be distributed later in 2018 and 2019, (b) provided $204 million of services on these subscriptions in 2018, and (c) provided $216...
Required information The following information applies to the questions displayed below.) The following transactions occur for...
Required information The following information applies to the questions displayed below.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash b. Purchase office supplies on account for $11,000. c. Pay $5,200 in salaries to employees for work performed during the month. 2. Record the transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View...
Required information [The following information applies to the questions displayed below] Drs. Glenn Feltham and David...
Required information [The following information applies to the questions displayed below] Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify): Debit Credit $ 6 2 Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation 2 1e $ 3 8 Software Accumulated...
E10-6 Determining and Recording the Financial Statement Effects of Deferred Subscription Revenue [LO2] Reader's Digest Association...
E10-6 Determining and Recording the Financial Statement Effects of Deferred Subscription Revenue [LO2] Reader's Digest Association is a publisher of magazines, books, and music collections. The following note is from a recent annual report: Revenues Sales of our magazine subscriptions are deferred (as Deferred revenue) and recognized as revenues proportionately over the subscription period. Tsigareve de fevered bs as peferred Assume that Reader's Digest (a) collected $412 million in 2016 for magazines that will be delivered later in 2016 and...
[The following information applies to the questions displayed below.] At the beginning of Year 2, Oak...
[The following information applies to the questions
displayed below.]
At the beginning of Year 2, Oak Consulting had the following normal
balances in its accounts:
Account
Balance
Cash
$
31,800
Accounts receivable
20,900
Accounts payable
14,900
Common stock
23,900
Retained earnings
13,900
The following events apply to Oak Consulting for Year 2:
Provided $65,500 of services on account.
Incurred $3,500 of operating expenses on account.
Collected $46,800 of accounts receivable.
Paid $39,100 cash for salaries expense.
Paid $16,560 cash as...
Required information [The following information applies to the questions displayed below.] The transactions listed below are...
Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving New Books Inc. and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended...
Required information [The following information applies to the questions displayed below.] Hair World Inc. is a...
Required information [The following information applies to the questions displayed below.] Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $75,200 900 a. Sold merchandise for cash (cost of merchandise $40,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $540 ). c. Sold merchandise (costing $7,600 ) to a customer on account with...
Required information [The following information applies to the questions displayed below.) The following information is available...
Required information [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $39,000 9,500 52,000 54,000 19,600 34,500 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined...
Required information [The following information applies to the questions displayed below) Fraud Investigators...
Required information [The following information applies to the questions displayed below) Fraud Investigators Inc. operates a fraud detection service. a. On March 31, 10 customers were billed for detection services totaling $32,000. b. On October 31, a customer balance of $1,850 from a prior year was determined to be uncollectible and was written off c. On December 15, a customer paid an old balance of $830, which had been written off in a prior year, d. On December 31, $570...
(The following information applies to the questions displayed below/ The general ledger of Zips Storage at...
(The following information applies to the questions displayed below/ The general ledger of Zips Storage at January 1, 2018, includes the following account balances Accounts Cash Accounts Recelvable Prepald Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Deblits Credits 25,600 16.400 14,000 158,000 $ 7700 6,800 153,000 46,500 Totals $214,000 $214.000 The following is a summary of the transactions for the year: a. January 9 Provide storage services for cash, $144,100, and on account, $57,200 b. February 12...
Required information [The following information applies to the questions displayed below.] The Tennis Times (TTT) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TTT (a) collected $420 million in 2018 for magazines that will be distributed later in 2018 and 2019, (b) provided $204 million of services on these subscriptions in 2018, and (c) provided $216...
Required information The following information applies to the questions displayed below.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash b. Purchase office supplies on account for $11,000. c. Pay $5,200 in salaries to employees for work performed during the month. 2. Record the transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View...
Required information [The following information applies to the questions displayed below] Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify): Debit Credit $ 6 2 Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation 2 1e $ 3 8 Software Accumulated...
E10-6 Determining and Recording the Financial Statement Effects of Deferred Subscription Revenue [LO2] Reader's Digest Association is a publisher of magazines, books, and music collections. The following note is from a recent annual report: Revenues Sales of our magazine subscriptions are deferred (as Deferred revenue) and recognized as revenues proportionately over the subscription period. Tsigareve de fevered bs as peferred Assume that Reader's Digest (a) collected $412 million in 2016 for magazines that will be delivered later in 2016 and...
[The following information applies to the questions
displayed below.]
At the beginning of Year 2, Oak Consulting had the following normal
balances in its accounts:
Account
Balance
Cash
$
31,800
Accounts receivable
20,900
Accounts payable
14,900
Common stock
23,900
Retained earnings
13,900
The following events apply to Oak Consulting for Year 2:
Provided $65,500 of services on account.
Incurred $3,500 of operating expenses on account.
Collected $46,800 of accounts receivable.
Paid $39,100 cash for salaries expense.
Paid $16,560 cash as...
Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving New Books Inc. and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended...
Required information [The following information applies to the questions displayed below.] Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $75,200 900 a. Sold merchandise for cash (cost of merchandise $40,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $540 ). c. Sold merchandise (costing $7,600 ) to a customer on account with...
Required information [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $39,000 9,500 52,000 54,000 19,600 34,500 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined...
Required information [The following information applies to the questions displayed below) Fraud Investigators Inc. operates a fraud detection service. a. On March 31, 10 customers were billed for detection services totaling $32,000. b. On October 31, a customer balance of $1,850 from a prior year was determined to be uncollectible and was written off c. On December 15, a customer paid an old balance of $830, which had been written off in a prior year, d. On December 31, $570...
(The following information applies to the questions displayed below/ The general ledger of Zips Storage at January 1, 2018, includes the following account balances Accounts Cash Accounts Recelvable Prepald Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Deblits Credits 25,600 16.400 14,000 158,000 $ 7700 6,800 153,000 46,500 Totals $214,000 $214.000 The following is a summary of the transactions for the year: a. January 9 Provide storage services for cash, $144,100, and on account, $57,200 b. February 12...
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