Georgia's Salon The salon sells $50,000 of gift cards in May 2013. These gift cards may be used anytime before their...
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Georgia's Salon
The salon sells $50,000 of gift cards in May 2013. These gift cards may be used anytime before their expiration on May 31, 2014.
Refer to Georgia's Salon. Which of the following is the correct journal entry to record the sale of the gift cards?Cash 50,000
Accounts Payable 50,000Cash 50,000
Unearned Sales Revenue 50,000Cash 50,000
Sales Revenue 50,000Cash 50,000
Prepaid Sales Revenue 50,000
Homework Answers
| Accounts | Debit | Credit |
| Cash | $50000 | |
| Unearned Sales Revenue | $50000 |
Option b is correct answer.
Add Answer to:
Georgia's Salon The salon sells $50,000 of gift cards in May 2013. These gift cards may be used anytime before their...
Georgia's Salon The salon sells $50,000 of gift cards in May 2013. These gift cards may...
Georgia's Salon The salon sells $50,000 of gift cards in May 2013. These gift cards may be used anytime before their expiration on May 31, 2014. Refer to Georgia's Salon. During May 2013, $10,000 of the gift cards were redeemed for salon services. Which of the following is the correct journal entry to record the redemption of the gift cards? Unearned Sales Revenue 10,000 Accounts Payable 10,000 Unearned Sales Revenue 10,000 Cash 10,000 Prepaid Sales Revenue 10,000 ...
Georgia's Salon - The salon sells $50,000 of gift cards in May 2019. These gift cards may be used anytime before th...
Georgia's Salon - The salon sells $50,000 of gift cards in May 2019. These gift cards may be used anytime before their expo on May 31, 2020. 20. Refer to Georgia's Salon. Which of the following is the correct journal entry to record the sale of the g a. Cash ame 50,000 Accounts Payable 50,000 b. Cash 50,000 Unearned Sales Revenue 50,000 c. Cash 50,000 Sales Revenue 50,000 d. Cash 50,000 Prepaid Sales Revenue 50,000 21. Refer to Georgia's Salon....
CircuitTown commenced a gift card program in January 2021 and sold $11,700 of gift cards in...
CircuitTown commenced a gift card program in January 2021 and sold $11,700 of gift cards in January, $18,100 in February, and $21,650 E in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $7,500 for the January gift cards sold, $6,050 for the February cards, and $6,250 for the March cards. Circuit Town considers gift cards to be “broken” (not redeemable) E 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with...
Circuit Town commenced a gift card program in January 2018 and sold $13,500 of gift cards...
Circuit Town commenced a gift card program in January 2018 and sold $13,500 of gift cards in January. $18.950 in February, and $20,000 in March of 2018 before discontinuing further gift card sales. During 2018, gift card redemptions were $7.200 for the January gift cards sold, 55,650 for the February cards, and $6,600 for the March cards. Circuit Town considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue Will Circuit Town recognize...
Circuit Town commenced a gift card program in January 2021 and sold $10,550 of gift cards...
Circuit Town commenced a gift card program in January 2021 and sold $10,550 of gift cards in January, $17,800 in February, and $17,200 in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $6,650 for the January gift cards sold, $4,800 for the February cards, and $4,200 for the March cards. CircuitTown considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will Circuit Town recognize with respect...
CircuitTown commenced a gift card program in January 2021 and sold $12,200 of gift cards in...
CircuitTown commenced a gift card program in January 2021 and sold $12,200 of gift cards in January, $16,400 in February, and $20,400 in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $6,500 for the January gift cards sold, $5,400 for the February cards, and $6,900 for the March cards. CircuitTown considers gift cards to be “broken” (not redeemable) 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with respect to January...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! Exercise 13-9 (Algo) Gift...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 13-9 (Algo) Gift Cards [LO13-3] CircuitTown commenced a gift card program in January 2021 and sold $12.900 of gift cards in January. $19.950 in February, and $19.800 in March 2021 before discontinuing further gift card sales. During 2021. gift card redemptions were $8.400 for the January gift cards sold. $5.700 for the February cards, and $5.550 for the March cards. Circuit Town considers gift cards to be...
Waterway sells 20 nonrefundable $90 gift cards for 3D printer paper on March 1, 2020. The...
Waterway sells 20 nonrefundable $90 gift cards for 3D printer paper on March 1, 2020. The paper has a standalone selling price of $90 (cost $72). The gift cards expiration date is June 30, 2020. Waterway estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. March 31 April 30 June 30 Redemption Total 50 % 80 85 Prepare the 2020 journal entries related to the gift cards at March 1, March...
d $45,800 of gift cards, purchasing inventory Mercury Depot sold $57,550 of gift cards during the...
d $45,800 of gift cards, purchasing inventory Mercury Depot sold $57,550 of gift cards during the current year and receivedDuring the year, customers gift card sales. Requirement a. Prepare the journal entries required to record the gift card activity. eash Mercury uses the proportional method for accounting for gift card breakage costing $28,800. The company uses a perpetual inventory system Read the requirements Based on historical experience, it estimates a breakage percentage of 6% of its First, record the joumal...
13. Assignments and 2 Circuit Town commenced a gift card program in January 2018 and sold...
13. Assignments and 2 Circuit Town commenced a gift card program in January 2018 and sold $10,000 of gift cards in January, $15.000 in February, and $16.000 in March of 2018 before discontinuing further in card sales. During 2018, gift card redemptions were $6,000 for the January gift cards sold, 54,500 for the February cards, and $4,000 for the March cards. Circuit Town considers gift cards to be broken not redeemable) 10 months after sale. Required: 1. How much revenue...
Georgia's Salon - The salon sells $50,000 of gift cards in May 2019. These gift cards may be used anytime before their expo on May 31, 2020. 20. Refer to Georgia's Salon. Which of the following is the correct journal entry to record the sale of the g a. Cash ame 50,000 Accounts Payable 50,000 b. Cash 50,000 Unearned Sales Revenue 50,000 c. Cash 50,000 Sales Revenue 50,000 d. Cash 50,000 Prepaid Sales Revenue 50,000 21. Refer to Georgia's Salon....
CircuitTown commenced a gift card program in January 2021 and sold $11,700 of gift cards in January, $18,100 in February, and $21,650 E in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $7,500 for the January gift cards sold, $6,050 for the February cards, and $6,250 for the March cards. Circuit Town considers gift cards to be “broken” (not redeemable) E 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with...
Circuit Town commenced a gift card program in January 2018 and sold $13,500 of gift cards in January. $18.950 in February, and $20,000 in March of 2018 before discontinuing further gift card sales. During 2018, gift card redemptions were $7.200 for the January gift cards sold, 55,650 for the February cards, and $6,600 for the March cards. Circuit Town considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue Will Circuit Town recognize...
Circuit Town commenced a gift card program in January 2021 and sold $10,550 of gift cards in January, $17,800 in February, and $17,200 in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $6,650 for the January gift cards sold, $4,800 for the February cards, and $4,200 for the March cards. CircuitTown considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will Circuit Town recognize with respect...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 13-9 (Algo) Gift Cards [LO13-3] CircuitTown commenced a gift card program in January 2021 and sold $12.900 of gift cards in January. $19.950 in February, and $19.800 in March 2021 before discontinuing further gift card sales. During 2021. gift card redemptions were $8.400 for the January gift cards sold. $5.700 for the February cards, and $5.550 for the March cards. Circuit Town considers gift cards to be...
Waterway sells 20 nonrefundable $90 gift cards for 3D printer paper on March 1, 2020. The paper has a standalone selling price of $90 (cost $72). The gift cards expiration date is June 30, 2020. Waterway estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. March 31 April 30 June 30 Redemption Total 50 % 80 85 Prepare the 2020 journal entries related to the gift cards at March 1, March...
d $45,800 of gift cards, purchasing inventory Mercury Depot sold $57,550 of gift cards during the current year and receivedDuring the year, customers gift card sales. Requirement a. Prepare the journal entries required to record the gift card activity. eash Mercury uses the proportional method for accounting for gift card breakage costing $28,800. The company uses a perpetual inventory system Read the requirements Based on historical experience, it estimates a breakage percentage of 6% of its First, record the joumal...
13. Assignments and 2 Circuit Town commenced a gift card program in January 2018 and sold $10,000 of gift cards in January, $15.000 in February, and $16.000 in March of 2018 before discontinuing further in card sales. During 2018, gift card redemptions were $6,000 for the January gift cards sold, 54,500 for the February cards, and $4,000 for the March cards. Circuit Town considers gift cards to be broken not redeemable) 10 months after sale. Required: 1. How much revenue...
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