Homework Answers
| Journal entry: | |||||||
| Date | Accounts title and explanations | Debit $ | Credit $ | ||||
| 5-Nov | Unearned revenue account | 1380000 | |||||
| Sales revenue (5520000*1/4) | 1380000 | ||||||
| (for recognizing the revenue) | |||||||
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QS 9-3 Unearned revenue LO C2 Ticketsales, Inc, receives $5,520,000 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...
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...
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...
QS 9-3 Unearned revenue LO C2
QS 9-3 Unearned revenue LO C2 Ticketsales Inc., receives $7160,000 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.
Ticketsales, Inc., receives $4,920,000 cash in advance ticket sales for a four-date tour of Bon Jovi....
Ticketsales, Inc., receives $4,920,000 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 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $16,000 cash on...
QS 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $16,000 cash on September 30 (cost of merchandise is $11,200). Dextra collects 10% sales tax. Record the entry for the $16,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. Journal entry worksheet 1 2 3 Record the cash sales and 10% sales tax. Note: Enter debits before credits. General Journal...
QS 11-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $8,000 cash on...
QS 11-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $8,000 cash on September 30 (cost of merchandise is $5,600). The sales tax law requires Dextra to collect 2% sales tax on every dollar of merchandise sold. Record the entry for the $8,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 2% tax on this sale to the state government on October 15. View transaction list Journal entry worksheet...
a. Unearned Rent Revenue. The Krug Company collected $17,400 rent in advance on November 1, debiting...
a. Unearned Rent Revenue. The Krug Company collected $17,400 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $170 per insect treatment. A customer paid $680 on October 1 in advanc four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the compa has applied three...
QS 9-5 Allowance method for bad debts LO P2 Gomez Corp. uses the allowance method to...
QS 9-5 Allowance method for bad debts LO P2 Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,800 account of a customer, C. Green. On March 9, it receives a $1,300 payment from Green. 1. Prepare the journal entry or entries for January 31 2. Prepare the journal entry or entries for March 9; assume no additional money is expected from Green. View transaction list Journal entry worksheet > < 1...
QS 8-9 Revenue and capital expenditures LO C3 a. Paid $52,000 cash to replace a motor...
QS 8-9 Revenue and capital expenditures LO C3 a. Paid $52,000 cash to replace a motor on equipment that extends its useful life by four years. b. Paid $260 cash per truck for the cost of their annual tune-ups. c. Paid $208 for the monthly cost of replacement filters on an air-conditioning system. d. Completed an addition to a building for $292,500 cash. 1. Classify the above transactions as either a revenue expenditure or a capital expenditure. 2. Prepare the...
QS 8-9 Revenue and capital expenditures LO C3 a. Paid $66,000 cash to replace a motor...
QS 8-9 Revenue and capital expenditures LO C3 a. Paid $66,000 cash to replace a motor on equipment that extends its useful life by four years. b. Paid $330 cash per truck for the cost of their annual tune-ups. c. Paid $264 for the monthly cost of replacement filters on an air-conditioning system. d. Completed an addition to a building for $371,250 cash. 1. Classify the above transactions as either a revenue expenditure or a capital expenditure. 2. Prepare the...
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...
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...
QS 9-3 Unearned revenue LO C2 Ticketsales Inc., receives $7160,000 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.
Ticketsales, Inc., receives $4,920,000 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 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $16,000 cash on September 30 (cost of merchandise is $11,200). Dextra collects 10% sales tax. Record the entry for the $16,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. Journal entry worksheet 1 2 3 Record the cash sales and 10% sales tax. Note: Enter debits before credits. General Journal...
QS 11-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $8,000 cash on September 30 (cost of merchandise is $5,600). The sales tax law requires Dextra to collect 2% sales tax on every dollar of merchandise sold. Record the entry for the $8,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 2% tax on this sale to the state government on October 15. View transaction list Journal entry worksheet...
a. Unearned Rent Revenue. The Krug Company collected $17,400 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $170 per insect treatment. A customer paid $680 on October 1 in advanc four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the compa has applied three...
QS 9-5 Allowance method for bad debts LO P2 Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,800 account of a customer, C. Green. On March 9, it receives a $1,300 payment from Green. 1. Prepare the journal entry or entries for January 31 2. Prepare the journal entry or entries for March 9; assume no additional money is expected from Green. View transaction list Journal entry worksheet > < 1...
QS 8-9 Revenue and capital expenditures LO C3 a. Paid $52,000 cash to replace a motor on equipment that extends its useful life by four years. b. Paid $260 cash per truck for the cost of their annual tune-ups. c. Paid $208 for the monthly cost of replacement filters on an air-conditioning system. d. Completed an addition to a building for $292,500 cash. 1. Classify the above transactions as either a revenue expenditure or a capital expenditure. 2. Prepare the...
QS 8-9 Revenue and capital expenditures LO C3 a. Paid $66,000 cash to replace a motor on equipment that extends its useful life by four years. b. Paid $330 cash per truck for the cost of their annual tune-ups. c. Paid $264 for the monthly cost of replacement filters on an air-conditioning system. d. Completed an addition to a building for $371,250 cash. 1. Classify the above transactions as either a revenue expenditure or a capital expenditure. 2. Prepare the...
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