initiation fee f
Q: A provider of health insurance received payment of $24.000 cash from a customer for insurance…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The company pays its landlord $750,000 for next year’s rent for the office building. Provide the…
A: If rent is paid in advance then it is called as prepaid rent.
Q: Kimberly Young, D.D.S., opened a dental practice on January 1, 2020. During the first month of…
A: Adjusting entries are made at the end of the period to comply with the accrual concept of accounting…
Q: Post the journal entries in ledger accounts and find the balances at January 31, 2020. Mr.…
A: Journal entries are the transactions that are recorded in the primary book. They are chronological…
Q: Lando, a family man decided to open up his own Laundry Shop. He named it: Lando Laundry The…
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other…
Q: Dr. Nick Marasigan, upon completing a residency program at Harvard Medical Center, established a…
A:
Q: Use the Following information for the Question Numbers 5 to 10. Ms. Maryam opened training services…
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: COMPLETE THE FOLLOWING JOURNAL ENTERIES FOR SAFETY HOSPITAL FOR 2021 a. January 31 -…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: A widower was granted a loan of P20,000 by her employer with an interest of 6% for 3 months. The…
A: A promissory note is a sort of debt instrument that consists of a written commitment from one party…
Q: Karen Weller, D.D.S., opened a dental practice on January 1, 2020. During the first month of…
A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to…
Q: Assume that you recently accepted a position with Five Star National Bank & Trust as an assistant…
A: 1.
Q: Consider the following situations and determine (1) which type of liability should be recognized…
A:
Q: Get Fit Now gains a client who prepays $540 for a package of six physical training sessions. Get Fit…
A: Revenue earned after four training sessions = $540*4/6…
Q: An insurance company MUST take which of the following actions when one of its producers replace an…
A: Here discuss about the details of the procedures and action which are taken by the insurance company…
Q: Seacost Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and…
A: Under the Accrual Basis of Accounting, revenue is accounted for when it is earned, and expense is…
Q: Lando, a family man decided to open up his own Laundry Shop. He named it: Lando Laundry The…
A: Adjusting Journal Entries It is a entry in company’s general ledger that occurs at the end of the…
Q: If someone gives you $5,000 to do a job what is the journal entry to recognize this $5,000…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: A union has successfully negotiated for its members to get 2% raises annually. If a union member…
A: Salary means the payment made to the employee by the employer for his work. Salary can be monthly or…
Q: A fitness club gives clients a free month after they have paid for eleven months. Approximately half…
A: Liabilities in simple terms are what a business owes to outsiders. On the basis of period of…
Q: Steve Williams, D.D.S., opened a dental practice on January 1, 2020. During the first month of…
A: All the revenues and gains is of credit nature when such revenues and gains is earned by the…
Q: Pacifica Fitness Ltd is marketing a 'fitness package' in which, for $440, it provides customers with…
A: Fitness is one of the major necessity in today's world. As if you are fit you work , you stay…
Q: Caden started a new publication called Contest News. Its subscribers pay $24 to receive 12 monthly…
A:
Q: . The hospital p
A: Given: From the information's provided, the data's are given as,
Q: When opening a new business account on QuickBooks in July, but the business actually opened in…
A: Property purchased on mortgage means that the lender of money has provided the loan secured against…
Q: Linda Williams, D.D.S., opened a dental practice on January 1, 2020. During the first month of…
A: Insurance Expense = Total amount of policy x 1 months / 12 months = $12,360*1/12 = $1,030
Q: Stockton Labeling Company has a retiree health care plan. Employees become fully eligible for…
A: The post-retirement benefit expenses are the expenses that are incurred by the company when the…
Q: A gym offers an annual membership for an upfront payment of $1,175. Alternatively, a customer can…
A: Annuity refers to the concept in which regular and constant payments are made for a definite period.…
Q: Clarisse started a magazine publication called The Good Life. A subscriber pays P100 for one issue.…
A: Unearned revenue are the amount received in advance as the revenue and these will be earned in…
Q: uppose you have a business where you house-sit for people while they are away on vacation. Some of…
A: Cash system of accounting means where all expenses , losses , income and gain are recognized on the…
Q: Protection Home provides house-sitting for people why they are away on vactation. Some of its…
A: Under the Cash Basis of Accounting, revenue is considered only when the actual amount is received…
Q: chapter 8
A: Required journal entry on March 31, 2021:
Q: On August 1, Costco Lubbock collects sells 150,000 one-year family memberships to customers for $45.…
A: Given, Number of memberships = 150,000 Selling price of one year membership = $45
Q: Your company just hired a Junior Financial analyst with a net salary of 18,000 Dh / month. The…
A: In the context of the given question, we are required to compute the gross salary, CNSS (social…
Q: Prepare journal entries to record the following transactions which are independent of each other. 1.…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: A parent on the day the child is born wishes to determine what lump sum would have to be paid into…
A: Annuity refers to the fixed periodic payments which are paid monthly, quarterly, semi-annually or…
Q: A company is the real estate business and rents offices to clients. On the first day of their…
A: The accrual basis accounting records the revenue and expenses of the period when they are incurred.
Q: The company performs consulting services for a client for an agreed upon fee of $100,000. The…
A: Agreed fees for rendering consulting services = $100,000.
Q: A fitness club gives clients a free month after they have paid for eleven months. Approximately half…
A: Step 1 Liabilities are the obligations of the entity which are they bound to settle.
Q: How to do these steps in QBO? Record an owner’s contribution on 1/14/20 to Owners (a new vendor)…
A: Here discuss about how to done the quick book accounting software for recording the required journal…
Q: Consider the following independent situations: For each of these situations, describe the revenue…
A: Step 1 As per US GAAP revenue is to be recognized only if the followings conditions are satisfied:…
Q: A. Amirah works as Accounts Executive in Blulnc Sdn Bhd and receives annual salary of RM72,000. In…
A:
Q: Dr. Nick Marasigan, upon completing a residency program at Harvard Medical Center, established a…
A:
Q: I agreed to do five courses for a client for $2,500 each. immediately and finish before the end of…
A: Adjusting entries are journal entries made at the end of the accounting year to record accrued…
Q: Harvey Spectre started Pearson & Co. , a company law firm on April 1, 2021. The following…
A: Journals represent the record of day-to-day business-related monetary transactions that took place…
Q: Asuncion Alcala, to be able to guide the accountancy students in their pursuits for CPA glory,…
A: Accounting equation is referred to the first step of an accounting cycle. It represents that the…
Q: Create journal entries for sage 50. ? 1.The owner Jasmine, had the bank transfer (by the bank memo)…
A:
Q: Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a…
A: Increase in assets should be debited and decrease in assets should be credited. Increase in…
You sign up for a health club and pay a $100 initiation fee for a 2 year membership.
- What happens to the company’s
balance sheet immediately after? - When should they recognize the $100 revenue?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Smith & Sons is a CPA firm that provides proprietary software to its clients. One of its software packages sells for $150 and contains pre-programmed tutorials on basic accounting concepts. Another product sells for $3,000 and contains Smith & Sons’ archive of accounting standards and articles, which Smith & Sons updates on a weekly basis and downloads to archive users for the two years following purchase of the product. If a customer purchases both software packages on June 1, 2021, how much revenue should Smith & Sons recognize for the year?Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2023 year-end. On October 1, 2023, Dr. Chan prepaid $5,700 for four months of rent. On November 1, 2023, Dr. Chan prepaid $264 to renew the clinic’s magazine subscriptions. The subscription is for one year. On December 1, 2023, Dr. Chan pays $2,700 for supplies. At the end of the year, $1,800 of supplies had not been used. Required:For the above transactions, record the initial journal entry and the adjusting entry required on December 31, 2023.Mr X enrolls in a 12-month customer service assistance program for a computer software from CYBER COMPANY costing P1,200 per month on August 1, 20x8. Given that the computer assistance occurs evenly throughout the year, CYBER COMPANY uses the “proportion of time” as its measure for membership revenue, what is the amount of sales revenue to be recognized on December 31?
- Take me to the text Esteem Fitness provides fitness services for its customers. During June 2019, Esteem Fitness had the following transactions. Date Description Jun 1 Sold one-month memberships to customers for $4,500 on account. Jun 3 Received a telephone bill for $250, which will be paid next month. Jun 6 Paid an employee's salary of $1,200. Jun 10 Received $3,000 cash from customers paying in advance for upcoming one-year memberships. Jun 15 Paid $6,000 cash in advance for six months of rent. Jun 20 Received a $10,000 loan from the bank. Jun 26 Purchased equipment worth $8,000 cash. Required For each transaction, two accounts are affected. Help meComfy Home has an insurance policy for which it pays an annual premium of $6,000. Comfy Home's accountant is preparing journal entries for the month of January. The insurance premium for 2020 was paid in cash on January 2, 2020. What is the journal entry that the accountant should make on January 2 2020?If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium, which was paid on July 1, what entry would be needed to adjust the Prepaid Insurance account at the end of December, before preparing the financial statements?
- Consider the following situations and determine (1) which type of liability should be recognized (specific account), and (2) how much should be recognized in the current period (year). A. A business sets up a line of credit with a supplier. The company purchases $10,000 worth of equipment on credit. Terms of purchase are 5/10, n/30. B. A customer purchases a watering hose for $25. The sales tax rate is 5%. C. Customers pay in advance for season tickets to a soccer game. There are fourteen customers, each paying $250 per season ticket. Each customer purchased two season tickets. D. A company issues 2,000 shares of its common stock with a price per share of $15.Review the following transactions and prepare any necessary journal entries for Woodworking Magazine. Woodworking Magazine provides one issue per month to subscribers for a service fee of $240 per year. Assume January 1 is the first day of operations for this company, and no new customers join during the year. A. On January 1, Woodworking Magazine receives advance cash payment from forty customers for magazine subscription services. Handyman had yet to provide subscription services as of January 1. B. On April 30, Woodworking recognizes subscription revenues earned. C. On October 31, Woodworking recognizes subscription revenues earned. D. On December 31, Woodworking recognizes subscription revenues earned.Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
- When opening a new business account on QuickBooks in July, but the business actually opened in January, the first statement is that the owner purchased property by signing a $40,000 mortgage note at a 5% interest...how would you post that entry?On 2020 September 1, North Sports Club., received a total of USD 120,000 as payment in advance for one-year fees from club members. A liability account was credited to record this cash receipt. By the end of the year, one-third of the membership fees received in advance had been earned. Give the entries to adjust the accounts at December 31, assuming annual financial statements are adjusted and prepared at year-end. Group of answer choices Debit Unearned membership fees 40,000, credit membership fee revenue 40,000 Debit Membership fee revenue 10,000, credit Unearned membership fees 10,000 Debit Membership fee revenue 40,000, credit Unearned membership fees 40,000 Debit Unearned membership fees 10,000, credit membership fee revenue 10,000The company performs consulting services for a client for an agreed upon fee of $100,000. The company completes the services, and sends the client a bill for $100,000. Provide the journal entry that would be necessary to record the transaction.
