On March 15, a customer pays $3,133 for ten 4-day passes to Disney World for avacation that will take place June 1–4. Did Disney earn the revenue on March 15?
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On March 15, a customer pays $3,133 for ten 4-day passes to Disney World for a
vacation that will take place June 1–4. Did Disney earn the revenue on March 15?
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- Assuming that the average customer ticket is $6, determine: Number of customers per day the first month they are open (January) __________ Number of customers per day the 6th month they are open (June) __________ Number of customers per day the 12th month they are open (December)________On July 8, Azure Corporation enters into an agreement with one of its customers, Madsen, Inc. to provide them with 4,500 units at a cost of $500 per unit. Madsen sends a cash deposit of $225,000 on the same day. Azure sends the first 2,700 units on August 31, with an invoice for $675,000 due September 15. The remaining 1,800 units are delivered on October 15, along with an invoice for the remaining amount of the total $2,250,000 purchase price, due October 31. Madsen made all payments on the invoice due dates. Assume that Azure Corporation had no uncertainties about its own ability to meet the terms of the contract or about Madsen, Inc.'s ability and willingness to pay. Prepare the journal entries to record the events (leaving out the accounting for Azure's costs). Date July 8 August 31 September 15 October 15 October 31 Account To record the deposit. To record initial delivery of units. To collect cash on account. To record delivery of remaining units. To collect cash on account. <<…A ticket agency receives $40,000 cash in advance ticket sales for Haim’s upcoming four-date tour. Record the advance ticket sales on April 30. Record the revenue earned for the first concert date of May 15, assuming it represents one-fourth of the advance ticket sales.
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