Bull's Eye Department Stores, Inc. records $100,000 in gift card sales and receives cash in year 1. Customers redeemed 20% of the gift cards to purchase merchandise in year 2. Which of the following would be included in the summary journal entry to reflect the year 2 redemption transactions? Group of answer choices debit Sales Revenue $80,000 debit Unearned Revenue $20,000 credit Unearned Revenue $20,000 credit Sales Revenue $80,000
Q: Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of…
A: When an organization uses an allowance method for uncollectible accounts, then it maintains the…
Q: Cullumber Inc. began operations on January 1, 2022. Financial statements for 2022 and 2023 contained…
A: Income statement is one of the financial statement being prepared in business. It shows all incomes…
Q: Colah Company purchased $1,000,000 of Jackson, Inc., 5% bonds at their face amount on July 1, 2021,…
A: Bonds : Bond is a debt instrument which represents the loan given by an investor to an entity…
Q: The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account,…
A: Answer:- Bank reconciliation refers to the statement prepared with the purpose of finding out the…
Q: (Note 1: When computing the expected value of factory hourly payroll, you must take into…
A: The information provided shows the expected value calculations for various expense categories but…
Q: Use the following information for the Quick Study below. (Algo) [The following information applies…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: Compute for Consolidated Total Asset Consolidated Total Liabilities
A: Consolidated financial statements integrate the financial performances of a parent company and its…
Q: Solexx Corporation allocates its service department overhead costs to producing departments. This…
A: Cost allocation is the process of assigning or distributing the costs to different business units,…
Q: Problem 6.4A (Static) Worksheet, journalizing and posting adjusting and closing entries, and the…
A: To assist with completing the problem, I'll start by providing the partially completed worksheet for…
Q: For its three investment centres, Stahl Company accumulates the following data: Centre I Centre il…
A: Return on investment is one the profitability ratio which is used to evaluate investment efficiency.…
Q: Western Wholesale Foods incurs the following expenditures during the current fiscal year. Required:…
A: The company incurs different types of expenses, Some of these are expenses while some are…
Q: Vail Resorts, Incorporated, owns and operates over 30 premier ski resort properties (located in the…
A: In accounting, journal entries are the initial documentation of financial transactions. Due to their…
Q: Carla Vista Corp. provides the following information about its post-retirement health-care benefit…
A: A pension worksheet helps to know about the benefits or losses from the particular scheme. It is…
Q: Company A obtained the rights to operate a coal mine and started its operations on January 1, 2025.…
A: To calculate the accretion expense that Company A will report in its 2026 income statement, we need…
Q: The following information extracts from Yoyo Bhd's financial statements: (i) Extracts from the…
A: Basic EPS: Earnings Per Share, or basic EPS, is a financial term that quantifies the amount of…
Q: The production department of Zan Corporation has submitted the following forecast of units to be…
A: Direct material purchase budget is the statement which is prepared by the entity to estimate the…
Q: The GH company uses a cost accounting system by process and presents the following information for…
A: The process of giving a company's inventory a monetary value for accounting and financial reporting…
Q: On January 2, Summers Company received a machine that the company had ordered with an invoice price…
A: The accounting equation states that assets are equal to the sum of the liabilities and equity. The…
Q: During the taking of its physical inventory on December 31, 2013, Kate's Interiors Company…
A: Inventories are materials or goods used to manufacture products for sale to earn profits. The…
Q: In each of the cases below, assume that Division X has a product that can be sold either to outside…
A: Transfer price refers to price at which one department of an entity transfers its output to other…
Q: Champion Contractors completed the following transactions involving equipment. Year 1 January 1 Paid…
A: Depreciation can be referred as the approximate reduction in value of a fixed asset within a fiscal…
Q: On January 1, year 1 ABC. Ltd. had a piece of equipment with a cost of $ 150000 and accumulated…
A: Depreciation means the amount of normal wear or tear of the assets due to usage or passage of time.…
Q: Janes Company provided the following information on intangible assets: a. A patent was purchased…
A: Amortization is the process of reducing the value of intangible asset over a specified…
Q: Unique Inc. produces brakes for the Jeep Car Company. At the beginning of the year, they had the…
A: Labour cost variance is one of variance used in business in order to analyse differences in actual…
Q: Selected columns of Envirocon Company's payroll register for March are as follows. The employer's…
A: Payroll costs are costs related to salaries of employees and respective taxes that needs to be paid…
Q: Problem 17-18 (IAA) Generous Company has established a defined benefit plan indicating a plan…
A: Projected benefit obligation is a financial term used in relation to pension plans. It is a measure…
Q: Bakan Corporation has provided the following production and average cost data for two levels of…
A: The variable manufacturing cost per unit is the manufacturing cost that changes with the number of…
Q: Garden Sales, Incorporated, sells garden supplies. Management is planning its cash needs for the…
A: Budget is the estimation of revenue and expenses prior to starting the operation. To manage the…
Q: Required: (a) Did Troy pay Riker before or after delivery of the vehicle? (b) Prepare the journal…
A: Time value of cash is mainly utilized by organizations or via individuals so that the worth of the…
Q: National Cash Register Company (NCR), a manufacturer of cash registers, entered into a sales…
A: A security interest is a legally recognized right that a debtor (borrower) grants to a creditor…
Q: What account is debited when the liability is initially capitalized for an asset retirement…
A: The objective of the question is to identify the account that is debited when a liability is…
Q: James Company began the month of October with inventory of $33,000. The following inventory…
A: In the Periodic inventory system inventory records are updated periodically at the close of an…
Q: E7-16 (Algo) Making Decisions Involving Constrained Resource [LO 7-2, 7-7] Cordova manufactures…
A: Enhancing productivity within time constraints requires concentrating on higher-quality work. When…
Q: On January 1, 2021, DIXIE KONG Corp. leased six computers for use of Accountancy Department. The…
A: An agreement of contract that is prepared to transfer the right to use the resources for a…
Q: Omni-Resistor, Incorporated specializes in waterproofing homes, office buildings and other…
A: The objective of the question is to calculate the transaction price for Omni-Resistor, Incorporated…
Q: On June 1, 2022, Superior Insurance Company collected $420,000 for a 2-year insurance policy…
A: The objective of this question is to calculate the balance of the unearned revenue account after…
Q: Margin of Safety Heads-Up Company sold 6,600 scooter helmets at $80.00 each this fiscal year. Unit…
A: Margin of safety means the point where a company started to make a profit. It is the point where…
Q: IFRS rules for reclassification of short-term debt are similar to U.S. GAAP except the short-term…
A: The question is asking about the timing of short-term debt refinancing under International Financial…
Q: Exercise 5-18 Balance of Work in Process and Finished Goods, Cost of Goods Sold Hung Lee Company…
A: In a job-order costing, a company determines the manufacturing costs of its products or services.…
Q: Use the following single-step income statement of Sunland Company to prepare a multiple step versi…
A: A financial document that summarises a company's sales, costs, and profits (or losses) during a…
Q: Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has…
A: Budget:Budgeting is predicting the future with the help of available data and management…
Q: Collected $4,680,000 cash from the sale of season tickets for the teams home games. The entire…
A: Lets understand the basics.Journal Entry is the first step of recording transaction in the Books of…
Q: U
A: The objective of this question is to calculate the price and quantity variances for direct materials…
Q: Direct materials purchases budget Tobin's Frozen Pizza Inc. has determined from its production…
A: A direct materials purchase financial plan or budget figures how much material is required to buy to…
Q: Upon submitting its corporate charter to the state, Lazer was granted permission to issue 6,000…
A: Stock Split is the increasing the number of shares outstanding by decreasing the par value of…
Q: Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur…
A: Schedule of expected cash collections : It is a schedule prepared to determine the amount collected…
Q: a. Compute AMT (if any) if Mr. and Ms. Baker's, married filing jointly, reported taxable income of…
A: The Alternative Minimum Tax (AMT) is a separate tax system in the United States intended to…
Q: ssume that a Steer Burger restaurant has the following perpetual inventory record for hamburger…
A: Perpetual Inventory System -An electronic record-keeping system for continuous inventory review in…
Q: A20-16 Basic EPS (LO 20-2) The Duckworth Ltd. 20X5 financial statements Include the following:…
A: IAS 33 Earnings Per Share sets out how to calculate both basic earnings per share (EPS) . The…
Q: Leven Company uses a periodic inv Module stem. The following information for the first quarter is…
A: Inventory Management -The handling of order processing, production, storage, and sales of both raw…
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- The following transactions were selected from among those completed by Hailey Retailers in the current year: Nov. 20 Sold two items of merchandise to Customer B, who charged the $600 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. 25 Sold 14 items of merchandise to Customer C at an invoice price of $3,600 (total); terms 2/10, n/30. 28 Sold 12 identical items of merchandise to Customer D at an invoice price of $7,800 (total); terms 2/10, n/30. 30 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Dec. 06 Customer D paid the account balance in full. 30 Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute Net Sales. I just need help with the journal entry on Dec. 06 and also computing the net sales.Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460The following transactions were selected from among those completed by Hailey Retailers in the current year: November 20 November 25 November 28 November 30 December 6 December 30 Sold two items of merchandise to Customer B, who charged the $590 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. Sold 14 items of merchandise to Customer C at an invoice price of $3,300 (total); terms 2/10, n/30. Sold 12 identical items of merchandise to Customer D at an invoice price of $8,160 (total); terms 2/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute Net Sales. Complete this question by entering your answers in the tabs below. Required 1 Required 2…
- 4. On January 1st, 2018, Blue Co. made a $10,000 sale for 1,000 water bottles on account with terms: of 2/15, n/30. If the company uses the net method, which of the following will be included in the Journal entry to record customer payment for all 1,000 water bottles on January 28th, 2018? a) credit Accounts Receivable $10,000 b) credit Sales Discounts Forfelted $200 c) debit Sales Discount $200 d) debit Cash $9,800A small retailer allows customers to use two different credit cards in charging purchases. The CC Bank Card assesses a 4.6% service charge for credit card sales. The VIZA Card assesses a 3.8% charge on sales for using its card. This retailer also has its own store credit card. As of Feb 28 month-end, the retailer earned $65 in net interest revenue on its own card. Prepare journal entries to record the following selected credit card transactions. Feb. 2 Sold merchandise for $3,000 (that had cost $1800) and accepted the customer’s CC Bank Card. Feb. 6 Sold merchandise for $2200 (that had cost $1500) and accepted the customer’s VIZA Card. Feb 28 Recognized the $65 interest revenue earned on its store credit card for January.Riverbed Retailers accepted $ 31500 of Silver Bank MasterCard credit card charges for merchandise sold on August 1. Silver Bank charges 6% for its credit card use. The entry to record this transaction by Riverbed Retailers will include a credit to Sales Revenue of $31500 and a debit(s) to Cash for $ 31500. Accounts receivable for $ 29610 and Service Charge Expense for $ 5820. Cash for $ 29610 and Service Charge Expense for $ 1890. Accounts Receivable for $ 31500.
- G V Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals # 3 54,645 E D During January 2021, the following transactions occur: January purchase date. 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of the January 6 Purchase additional inventory on account, $157,000. The cost of the units sold is $78,800. January 15 Firework sales for the first half of the month total $145,000. All of these sales are on account. C $ 4 R LL JUL 10 www. 8 I ( 9 ( J K A O 0 |6 L PThe following transactions were selected from among those completed by Bennett Retailers in November and December: November 20 November 25 November 28 November 29 December 6 December 20 Required: Sold 20 items of merchandise to Customer B at an invoice price of $5,700 (total); terms 2/10, n/30. Sold two items of merchandise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 3 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms 2/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer B paid in full for the invoice of November 20. Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. Note: Do not round your…Cobb department store sells gift certificates redeemable only when merchandise is purchased. These gift certificates have an expiration date of two years after issuance date. Upon redemption or expiration, Cobb recognizes the unearned revenue as realized. Information for the current year is as follows: Unearned revenue,1/1 650,000 Gift certificates sold 2,250,000 Gift certificates redeemed 1,950,000 Expired gift certificates 100,000 Cost of goods sold 60% On Dec. 31, what amount should Cobb report as unearned revenue?
- a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…The following transactions were selected from among those completed by Bennett Retallers in November and December: November 20 November 25 Sold 20 items of merchandise to Customer 8 at an invoice price of $6,400 (total); terms 2/10, n/30. Sold two items of merchandise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 1 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms 2/10, n/38. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. December 6 Customer D paid the account balance in full. December 20 Customer 8 paid in full for the invoice of November 20. November 28 November 29 Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. Note: Do not round your…The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Feb. 10 13 Mar. 12 14 Apr. 3 May 11 13 July 12 Aug. 1 Oct. 5 15 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) Received from Bradford & Co. the amount due on the note of March 12. Dry Creek Co. dishonored its note dated March 14. Received from Dry Creek Co. the amount owed on the…