NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $40 per keg; deposits are recorded in the Keg Deposits account. kercise 7-11 (Algo) Part b - Journal entry 2. Record the journal entry to show the effect of giving a keg deposit refund to a customer for one keg. (If no entry is quired for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet <> Record the refund of keg deposits. Note: Enter debits before credits. Event General Journal Debit Credit 1

NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $40 per keg; deposits are recorded in the Keg Deposits account. kercise 7-11 (Algo) Part b - Journal entry 2. Record the journal entry to show the effect of giving a keg deposit refund to a customer for one keg. (If no entry is quired for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet <> Record the refund of keg deposits. Note: Enter debits before credits. Event General Journal Debit Credit 1

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 50P

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Check my work 10 The Chair Company provides a 120-day parts-and-labor warranty on all merchandise it sells. The Chair Company estimates the warranty expense for the current period to be $1,240. During the period, a customer returned a product that cost $930 to repair. Required a. Show the effects of these transactions on the financial statements using a horizontal statements model like the example shown here. Use a + to indicate increase or a - for decrease. if the element is not affected, leave the cell blank. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). (Not all cells will require entry.) Hint Ask Print CHAIR COMPANY Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Flow Stockholder's Equity Event Assets Liabilities + Revenue - Expense = Net Income Estimates Paid
Exercise 7-11 (Algo) Unearned revenues—customer deposits LO 3 Skip to question [The following information applies to the questions displayed below.]NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $40 per keg; deposits are recorded in the Keg Deposits account. Exercise 7-11 (Algo) Part b - Journal entry b-2. Record the journal entry to show the effect of giving a keg deposit refund to a customer for one keg. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Hide or show questions Progress:11/15 items Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount J. Jackson $10,000 L. Stanton 9,500 C. Barton 13,100 S. Fenton 7,400 Total $40,000 Required: a. Journalize the write-offs for the current year under the direct write-off method. If an amount box does not require an entry, leave it blank. Bad Debt Expense Bad Debt Expense Accounts Receivable-J. Jackson Accounts Receivable-J. Jackson Accounts Receivable-L. Stanton Accounts Receivable-L. Stanton Accounts Receivable-C. Barton Accounts Receivable-C. Barton Accounts Receivable-S. Fenton Accounts Receivable-S. Fenton b. Journalize the write-offs for the current year under the allowance method. Also, journalize the adjusting entry for uncollectible receivables assuming the company made…
E10-6A Advance Payment for Goods The Chicago Daily Times Corporation (CDT) publishes a daily newspaper. A 52-week subscription sells for $221. Assume that CDT sells 100 subscriptions on January 1. None of the subscriptions are cancelled as of March 31. Prepare a journal entry to record the receipt of the subscriptions on January 1. Prepare a journal entry to record one week of earned revenue on March 25.
Exercise 7-11 (Algo) Unearned revenues—customer deposits LO 3 Skip to question [The following information applies to the questions displayed below.]NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $40 per keg; deposits are recorded in the Keg Deposits account. Exercise 7-11 (Algo) Part c - Journal entry c-2. A keg use analyst who works for NightWoundsTime estimates that 430 kegs for which deposits were received during the year will never be returned. Record the accounting that would be appropriate for the deposits associated with these kegs? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Accounting Question: The following are independent situations: Record the sales transactions and related taxes for each client. Show steps please. 1. Max rang up $14,000 of sales, plus HST of 13%, on it's cash register on April 10. 2. Quince rang up $35,400 of sales, before sales taxes, on its cash register on April 21. The company charges 5% GST and No PST. 3. Jace charges 5% GST and 7% PST on all sales. On April 27, the company collected $23,200 sales in cash plus sales taxes.
Exercise 7-11 (Algo) Unearned revenues—customer deposits LO 3 Skip to question [The following information applies to the questions displayed below.]NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $40 per keg; deposits are recorded in the Keg Deposits account. Exercise 7-11 (Algo) Part b - Horizontal model b-1. Use the horizontal model to show the effect of giving a keg deposit refund to a customer for one keg. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)
8.1 During month of May, UMPI, Inc. had cash sales of $243,624 and credit sales of $153,687, both of which include Maine sales tax of 5.5% that must be remitted to the state by June 15th. Note that UMPI did not segregate the sales tax from the sales when made during the month. They just record the full amount as sales revenue. Prepare the adjusting journal entry to fairly present the May 31 financial statements. 8.2 The payroll of UMPI, Inc. for May 31 is as follows: The total payroll was $150,000. None of the individual wages was greater than $132,900 (social security maximum threshold for 2019). Income taxes withheld from employees totaled $37,500 and union dues withheld was $4,000. Assume FICA tax is 7.65% on employee’s wages (6.2% Social Security & 1.45% Medicare tax). Calculate Unemployment tax - .6% FUTA and 5.4% SUTA taxes. No employees have reached the $7,000 maximum wage threshold. A. Prepare the necessary journal entries for the wages paid on May 31 Prepare the…
24. Miller Company's allowance for doubtful accounts was P1,000,000 at the end 20XX and P900,000 at the end of 20XX-1. For the year ended December 31, 20XX, Mill reported doubtful accounts expense of P160,000 in its income statement. What amount did Mill debit to the appropriate account in 20XX to write off uncollectible accounts?
(2) On 10/05/20X1, the company "OMEGA" sells goods to customer "D" in lieu of the amount of 1,000 € by credit. On 31/12/20X1, the company "OMEGA" after information on the financial situation of customer "D" expects to receive 500 €. On 20/02/20X2, the company "OMEGA" collects: (A) 450€, (b) 550, (c) 0€. It is requested: to make the relevant journal entries of the above accounting events for each of the cases. (Ignore any tax consequences such as VAT)
Accounting The following selected transactions relate to Slim Company. Mar. 1 Made Visa credit card sales totaling $6,200. A 2.5% service fee is charged by Visa. Mar. 2 Accepted JIM Company’s $30,000, 6-month, 10% note for balance due. Mar. 3 Sold $40,500 of goods to Salem Company, terms 2/10, n/30. Mar.11 Received payment in full from Salem Company for balance due on existing accounts receivable. Mar.13 Made Slim Company credit card sales for $16,200. Mar.15 Sold accounts receivable of $9,040 to Hashim Company. Hashim Company assesses a service charge of 2.01% of the amount of receivables sold. Mar.16 Received collections of $10,500 on Slim Company credit card sales and added finance charges of 2.01% to the remaining balances. Instructions: Prepare the journal entries for the transactions. (Ignore entries for the cost of goods sold.)
1 Journal Entries: 1. On June 1, $14,098 was paid to accounts payable. "2. On June 2, $11,000 in face primer's were sold to a customer on account with the following credit terms: 2/10, n/30, FOB shipping point. The face primer's sold cost Queendom Makeup LLC. $2100 and were shipped on the same day sold to the customer." "3. On June 4, Queendom Makeup LLC. purchased $6,200 in Face primer's on account to sell to customers in the future. Terms were 1/10, n/30, FOB destination and the merchandise was delivered by the end of the day June 4." "4. On June 6, Journey Inc. issued a credit memo for $1,000 for returned concealers. The merchandise was originally purchased on 11/2 by the customer and returned because it was the wrong item. The merchandise cost Queendom Makeup LLC. $350." 5. On June 8, Journey Inc. received $1,500 from a customer for revenue previously recognized in May. 6. On June 12, the company received the balance due from the June 2 customer within the discount period. 7. On…