If you offer gift cards to clients, when should you record your revenue

Q: How do companies account for gift cards?

A: Gift Cards Gift cards are one form of advance collection of revenues.

Q: What journal entry do you think Bozeman College would use to record the receipt of the students'…

A: In the books of Bozeman College  Bank account debit    Tuition fees account credit.

Q: Where should you go to set up a new bank feed or link to a bank account in a client's QuickBooks…

A: Quickbooks is software used for recording accounting transaction especially by small business…

Q: Sales made to Ahmed on credit should be debited to.

A: The phrase "credit sales" alludes to the exchange of possession of products and services to a…

Q: When should companies that sell gift cards to customersreport revenue?a. When the gift card is…

A: The revenue recognition stipulates the timing of recording the revenue in the books. The revenue…

Q: er type of account name for gift card lia

A: Gift card liability refers to the concept that reflects that the company has the obligation to…

Q: Why is it important to keep those business receipt/record

A: Any business in any form or in any industry that is doing commerce or trade will have receipts and…

Q: Haley learns that someone used her name to open a credit card account. Which consumer protection…

A: Here Haley learned that someone opens a credit card account in his name.

Q: Is it ethical to use a company credit card to make an online Internet purchase if you will reimburse…

A: Companies provide corporate credit card facilities to the employees to facilitate the payment for…

Q: credit

A: Credit card can be defined as a payment card where line of credit is provided to the customers. With…

Q: Which of the following pieces of information would you not expect a potential credit customer to…

A: A potential credit customer is the customer to the lender of the money who has willingness to get…

Q: Which of the following types of transactions can be uploaded into QBO using the Receipt action.…

A: QBO : It stands for QuickBook Online, an online platform for recording the business transactions.…

Q: Debit the receiver, credit the giver is rule for [A] personal account [B] tangible real account [C]…

A: Journal entries are the transactions that are recorded in the primary book. They are chronological…

Q: Why should cash receipts from credit clients and sales to them be instantly documented and posted?

A: Introduction: Accounting focuses on recognizing, documenting, measuring, and summarizing…

Q: What happens when a client (buyer) returns goods bought on credit

A: A client (buyer) returns goods bought on credit shown here:

Q: Prepare a service blueprint for each of these banking transactions: Make a savings deposit using a…

A: Preparation of blue print for the following banking transactions are as follows: a) Making a service…

Q: ow to record credit sale in an entrie?

A: Credit sales mean the amount which is delayed to paid but agreed to pay in future by the consumer.

Q: If you are the seller will you provide discount for customers? Why or why not? What type of discount…

A: solution concept                 In the trade transaction ,the practice of giving and taking…

Q: Summarize the procedures to follow when accepting credit cards, bill-to-accounts, cash, checks, and…

A: There are different methods through which the customers make the payment to the company like for the…

Q: Harvest Catering is a local catering service. Conceptually, when should Harvest recognize revenue…

A: Revenue recognition is a process to record revenue. Revenue is to be recognized only when the…

Q: What are some benefits to a business in accepting credit cards and debit cards?

A: Debit card: Debit card is an electronic card, which allows the debit card holders to pay cash…

Q: When should companies that sell gift cards to customers report revenue?

A: The Answer

Q: Disclosure Note 2 discusses Target’s accounting for gift card sales. Does Targetrecognize revenue…

A: Revenue:   It refers to the earnings of the business from their normal business operations. This…

Q: Are there any regulations or procedures in place for source documentation and receipts for payments…

A: There are no separate regulations or procedures for source documentation of NPO's. however Not for…

Q: Corinne needs to record a customer's payment. Which QuickBooks function would be most useful? Create…

A: Ans. Receive Payment

Q: When does a company recognize revenue for a sale of a gift card?

A: Gift card: Prepayment which is made by the customer for the future purchase is known as a gift card.…

Q: What is the relationship between an account and item?

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

Q: A credit bureau, AKA credit agencies, are companies that collect credit information about…

A: A credit bureau can be defined as a company that gathers and researches information about…

Q: When do businesses record warranty expenses, and why?

A: Warranty: It is an agreement made by the company to provide guarantee against the defects in the…

Q: Does the sender (maker) of a debit memorandum record a debit or a credit in the recipient’s account?…

A: Debit memorandum or debit note is a type of document used by the customer or buyer of goods to…

Q: Briefly explain the difference between a sales receipt and an invoice in QuickBooks

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Explain how a credit card billing cycle works. What is a grace period, and when is the best time to…

A: A credit card gives a customer a line for a short time period, based on given term and condition of…

Q: What does the QuickBooks Online Check Register do?

A: Quick Books: Intuit created and markets QuickBooks, an accounting software program. QuickBooks…

Q: Does a cash purchase for dental equipment go under cash and notes payable?

A: The transactions of the business effect two or more accounts. The journal entries are prepared to…

Q: If a credit sale is made to a New customer, and the amount due is received before the year ends,…

A: Sales made on cash or credit both are recorded as sales from the beginning of the transaction and…

Q: How are sales to customers using MasterCard and VISA recorded?

A: Sales: Sales is an activity of selling the merchandise inventory of a business.

Q: how would you check the information provided by an applicant for credit at a department store? by a…

A: WHAT  IS CREDIT ? Labor and products can be paid for forthright or on conveyance, or are provided…

Q: Discuss the trade-off in choosing to update the customer credit, should the sales clerk ever be…

A: The credit limit of each customer is decided by the credit manager based on the customer's credit…

Q: What is the purpose of the Purchase Returns and Allowances account? Why not just record a purchase…

A: Purchase accounts are used in periodic inventory system as a general ledger account in which…

Q: When a seller receives payment from a customer who takes the discount for paying early, the journal…

A: When a  seller receives payment within discount period, cash account will be debited with accounts…

Q: how to bill customer using accrual-basis accounting

A: in Accruals accounting of income or revenue they are billed when goods or services are given but…