Conceptual Connection: For each situation, indicate when the company should recognize revenue on an accrual basis. a.  A store sells a gift card in December which will be given as a Christmas present. The card is not redeemed until January.

Q: company has repair work done in December and pays the service provider in January. How would this be…

A: Solution: This will be recorded as under: "It’s an expense in December under the accrual method and…

Q: The following independent situations require professional judgment for determining when to recognize…

A: The independent situation are given to recognize revenue for each independent transactions : 1.…

Q: Suppose Casey Title Company normally charges $400 for services related to selling a house. As part…

A:

Q: n January 01, 2020 Kitkat Company, Inc. establishes a branch in Buang. During the year, Kitkat Inc.…

A: Branch accounting is a bookkeeping approach that keeps separate accounts for each of an…

Q: A customer orders a heavy duty machinery from Yukon Inc in October. Yukon manufactures it in…

A: As per the cash basis of accounting, we should record the transaction only when corresponding cash…

Q: Insurance is paid in December for January's premium.  In December, the company makes an entry to…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: See the attached pic first before answering. On June 18, ABC Company paid the purchases on June 13…

A: Purchase discount is the allowance or reduction which is allowed on purchases of the business and…

Q: Current Attempt in Progress In a service-type business, revenue is considered recognized when the…

A: >Accounting of transaction is based on certain accounting assumptions, concepts and principles.…

Q: On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous…

A: Solution: Journal entry to record revenue is as under:

Q: You may describe how you would record the transaction in the general ledger, including a description…

A: Though the invoice is unpaid, financial reports are presented on an accrual basis so it needs to be…

Q: Hutch Co. sold merchandise to Bibbins Company on May 31, FOB shipping point. If the merchandise is…

A:

Q: It is a document received by your business when you purchase goods from supplier and asking 60 days…

A: The question is multiple choice question  Required  Choose the Correct Option

Q: During December, Far West Services makes a $5,000 credit sale. The state sales tax rate is 6% and…

A: Debit what comes in and credit what goes out Debit the receiver and credit the giver Debit all the…

Q: Using the following information about Sophie's business, answer the following question Credit Month…

A: Cash payment refers to the amount paid through the recipient of the goods and the services to the…

Q: whereby the customer pays a monthly fee for 36 months. The monthly fee is due at the be each month.…

A: Adjusting entries refers to a set of journal entries recorded at the end of the accounting period to…

Q: On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day, 10 percent note from a customer at…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Wiset Company completes these transactions during April of the current year (the terms of all its…

A: “Hey, since there are multiple sub-parts posted, we will answer first three sub-parts. If you want…

Q: A bakery shop makes a large sale for $1,400 on November 30. The customer is sent a statement on…

A: The question is based on the concept of Financial Accounting.

Q: Calmar Corporation sold merchandise to a customer for $30,000 on credit on July 15. The customer…

A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…

Q: A company delivers inventory to a customer who will pay for it next month. In which of the following…

A: Types of account in balance sheet: Asset account: These are the resources of company or any amount…

Q: After the amount due on a sale of $26,500, terms 2/10, n/eom, is received from a customer within the…

A: Sales return is the return of merchandize by the buyer due to various reasons such as defect,…

Q: I need to know how to input these questions into a general journal and general ledger. The beginning…

A: In general journal, regular day-to-day transactions are posted whereas from the general journal…

Q: Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with…

A: Merchandising is the process to bringing goods for the selling purpose into market.

Q: chapter 8

A: Required journal entry on March 31, 2021:

Q: Krux sends its mobiles amounting P2,400 each to their customers on Sale on Return basis. These are…

A: Sale or return basis are type of sales where the seller send the goods to customer to accept the…

Q: After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the…

A: (1) Calculate the amount of refund owed to the customer.

Q: On November 10 of the current year, Flores Mills sold carpet to a customer for $8,900 with credit…

A: Formula: Cash discount amount = Sales amount x discount rate

Q: If Dome Corporation does not record a sale made on account in December until a month later when the…

A: Sales on account is nothing but credit sales, i.e., the sales made to customers on credit terms.…

Q: The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit (RM)…

A: The trial balance is given with adjustments. We have to prepare financial statements Profit and Loss…

Q: Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at…

A: The question is related to Branch Accounting. In this head office billed the branch at cost. The…

Q: After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the…

A: a.

Q: prepare any necessary journal entries for Tolbert Enterprises. On April 7, Tolbert Enterprises…

A: The terms of purchase might contain the cash discount for the payment made before the credit…

Q: Determine the net profit of the Cavite Branch for 2021

A: Branch Accounting is used to know the profit or loss of branch. Home office sent goods to branch or…

Q: On 5 December 2020, Salalah Trading company sold goods to a customer on account for 37800 OMR. Which…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: An invoice is dated for June 28 for $8657 with terms of 8/10 EOM,ROG . The merchandise was received…

A: EOM stands for end of Month and ROG stands for receipt of goods.

Q: Blue, Inc., sells playground equipment to schools and municipalities. It mails invoices at the end…

A: Calculation of rate of increase in sales and account receivable:Results of formulas used in excel…

Q: On the 11 of July a customer cash good payment for the first third of the month of July. On the 18,…

A: Journal entries are defined as recording of the business transactions into the books of company and…

Q: How to track the following revenue recognitions as a journal entry:  A firm rents psace in its…

A: The revenue should be recognized when it is earned. Irrespective of when the cash is received for…

Q: Suppose Casey Title Company normally charges $500 for services related to selling a house. As part…

A: Revenue means the amount earned by selling the goods or services. Trade discount means the services…

Q: Phone companies bill their customers after they provided them with cellular service. So if a…

A: So basically there are two concepts regarding this from accounting perspective:Deferred…

Q: On 5 December 2020, Manal Trading company sold goods to a customer on account for 37800 OMR. Which…

A: Accounts receivables: Accounts receivables can be defined as the account that hold up the amount due…

Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…

A: It is the first step of recording financial transactions in the books of accounts that have two…

Q: Prepare journal entries for each of the following sales transactions by Elegant Electronics,…

A: Sale tax is the tax levied on sale of goods. Sale tax paid on purchases can be booked as receivable…

Q: Current Attempt in Progress The revenue recognition principle dictates that revenue should be…

A: The revenue recognition principle state that revenue should be recognised when it actually earned…

Q: On June 30, Parrott Company sold goods for $800 on account. The journal entry to record the…

A: SOLUTION- JOURNAL ENTRIES  IS THE WRITTEN RECORD OF A BUSINESS TRANSACTION  IN A DOUBLE ENTRY…

Q: On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day. 10 percent note from a customer at…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: When a concert promotions company collects cash forticket sales two months in advance of the show…

A: Answer: d. Unearned Revenue

Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…

A: Since, you have asked for specific journal entry, so we will solve the same for you.

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is