Seacost Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each Apply the revenue recognition principle to determine A. when seacost magazine should record revenue for this situation B. the amount fo revenue seacost magazine should record for eight issues

Q: Presley Company sells a product that includes a one-year warranty on parts and labor. During the…

A: Prepare the journal entries to record the estimated warranty costs.

Q: Listed below are selected transactions of Crane Department Store for the current year ending…

A: Sales amount = Cash / ( 1 + sales tax rate ) Sales tax = Sales * Sales tax rate

Q: An invoice of RO 50,000 with the terms 7/18, n/30, ROG is dated on May 10th. The goods are received…

A: Given: 7/18 means if you pay the bill within 18 days you will get a discount for 7% N/30 means if…

Q: On April 1, Griffith Publishing company received $3,348 from Santa Fe, Inc for 36-month…

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

Q: Dimples Company sells subscriptions to a specialized directory, which is issued semi-annually and…

A: The unearned subscription refers to the amount that is received from the customer for which services…

Q: On May 1st, X Company sells a phone, a charger, and one year of services (voice, text and data) for…

A: Deferred revenue = Combined cost / Total seprate cost * Service revnue

Q: Ayayai Corp. typically sells subscriptions on an annual basis and publishes 6 times a year. The…

A: Revenue: It is the Income generated by any organization from the regular course of business…

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

A:

Q: Cinema King sells subscriptions for $36 for 18 months. The company collects cash in advance and then…

A: As per the Revenue Recognition principle, a company shall record revenue in its books when it has…

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: c.Debit Unearned Subscription Revenue for $6,500 and credit Subscription Revenue for $6,500 d.Debit…

A: Unearned revenue Income : This is often the quantity earned  from the operations of a business. The…

Q: Christine's bill of P5 000 was due on September 10. A purchase of P 3 000 was made on September 15…

A: Firstly, average daily balance is calculated as below: result:

Q: Flores Company publishes a monthly sports magazine, Hunting Preview. Subscriptions to the magazine…

A: Here revenue is recognized at end of quarter.  That is on December 31. Cash received on October…

Q: A company has advance subscription sales totaling $45,000 for the upcoming year when four quarterly…

A:

Q: You and several classmates are studying for the next accounting examination. They ask you to answer…

A: Interest expense = Amount borrowed x rate of interest x period

Q: On October 1, Year 1, Sparky Co. Magazine sold one-year subscriptions in advance, collecting a total…

A: The advance received will be considered as Unearned revenue. After one month the revenue to be…

Q: Sandusky Co sells computers and provides hardware maintenance services. On May 1st, Sandusky sold a…

A: Revenue allocated to computer =$1000 ×$840$840+$360=$840000$1200=$700 Revenue allocated to…

Q: During December, Rainey Equipment made a 676,000 credit sale. The state sales tax rate is 6% and the…

A: It is pertinent to note that sales tax collected is a liability to the entity and the same need to…

Q: Logan’s Roadhouse opened a new restaurant in November. During its first two months of operation, the…

A: Journal entries means the book of prime entry incuding debit and credit item. Adjusting entry means…

Q: Carrot Company sells one and two-year mail order subscriptions for video of the month business.…

A: Solution Unearned subscription revenue Unearned subscription revenue means the amount that has been…

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: Logan’s Roadhouse opened a new restaurant in November. During its first two months of operation, the…

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Q: Margeaux's bill of P6 000 was due on March 6. A purchase of P 2 000 was made on March 18 and P 4 500…

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Q: On April 1, Griffith Publishing Company received $3,258 from Santa Fe, Inc. for 36-month…

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Q: Pacifica Fitness Ltd is marketing a 'fitness package' in which, for $430, it provides customers with…

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Q: Sunland Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine…

A: In this numerical has covered the concept of Journal entry and adjusting entry. The Normal Journal…

Q: On December 10, Yummy Catering purchased a new oven costing $10,000. They issued a check for $2.000…

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Q: Clarisse started a magazine publication called The Good Life. A subscriber pays P100 for one issue.…

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Q: Triton Publishing completed the following transactions during 2018. Journalize the transactions (…

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Q: Applying the revenue recognition principle Seacoast Magazine  sells subscriptions for $36 for 18…

A: a. As per the principal of revenue recognition, revenue should be recognized/recorded when it is…

Q: A local Starbucks sells gift cards of $10,000 during the year. By the end of the year, customers…

A: Deferred revenues: Collection of cash in advance to render service or to deliver goods in future is…

Q: chapter 8

A: Required journal entry on March 31, 2021:

Q: Capital, a business magazine, collected $480,000 in subscription revenue on May 31. Capital earns a…

A: Formula: Unearned revenue = Revenue collected x (Remaining months in a year / 12 months) Number of…

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: What is the balance of the Estimated Warranty Liability account as of January 31?

A: The balance of the estimated warranty liability account will be calculated by drawing a ledger…

Q: [The following information applies to the questions displayed below.] Hitzu Company sold a copier…

A: Journal entries refer to the process of inspecting and formulating all the transactions of a company…

Q: Swifty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine…

A: Unearned Income refers to the income that the company receives before it actually earning the same.…

Q: Hook Company sells subscriptions to a specialized directory that is published semi-annually and…

A: Monthly Amount received = Total amount received during the year / 12 months = 10,800,000 / 12 months…

Q: Freelance Factors provides financing to other companies by purchasing their accounts receivable on a…

A: Commission paid=Amount of receivables purchased×Commission charge=P1,500,000×15%=P225,000 Thus, the…

Q: Real Losers, a diet magazine, collected P360,000 in subscription revenue in May. Each subscriber…

A: Answer -   Working - Subscription revenue received for 12 months = $360,000   Subscription revenue…

Q: Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of…

A: Introduction:- If the customer made payment within discount period, he is eligible for sales…

Q: [The following information applies to the questions displayed below.] Hitzu Company sold a copier…

A: Warranty expenses are debited and are estimated as a percentage of dollar sales. The estimated…

Q: On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a…

A: Journal entry is the first step to record transaction in the books of account. Warranty cost = 5% of…

Q: [The following information applies to the questions displayed below.] Hitzu Company sold a copier…

A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…

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

A: Introduction: Journals: 1 ) Journals are book of prime records. 2 ) All the business transactions…

Q: Applying the revenue recognition principle Seacoast Magazine sells subscriptions for $36 for 18…

A:

Q: Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the…

A: Total subscription  amount received = Total no. of subscription x Amount per subscription =…

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…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.