Southeast Airlines Inc. awards members of its Flightlineprogram a second ticket at half price, valid for 2 yearsanywhere on its flight system, when a full-price ticket ispurchased. How would you account for the full-fare andhalf-fare tickets?
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Southeast Airlines Inc. awards members of its Flightline
program a second ticket at half price, valid for 2 years
anywhere on its flight system, when a full-price ticket is
purchased. How would you account for the full-fare and
half-fare tickets?
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- southeast airlines inc awards members of its flightline program a second ticket at half provide valid for 2 years anywhere on its flight system, where full price ticket is purchased. How would you account for the full fare half fare tickets?WaterWorld Inc. operates an aquarium and water park in Orlando, Florida. In addition to daily admission tickets, WaterWorld offers two other ticket options. First, it offers an annual pass for $600 that allows unlimited access to the aquarium and theme park for one year from the date of purchase. In addition, it offers a Summer Fun Pass that allows unlimited access to the waterpark for June, July, and August for $450. Both pass options require full payment at the time of purchase. On April 1, 2019, WaterWorld entered into a contract with a customer to purchase an annual pass. On that same date, it entered into another contract with a customer to purchase a Summer Fun Pass. Required: 1. Prepare WaterWorld’s journal entries in 2019 related to the annual pass. 2. Prepare WaterWorld’s journal entries related to the Summer Fun Pass.RPS co-op introduced a loyalty program in 2020. every customer who signed up would receive 3% of their total purchases as a cheque, each February for the previuos year, that could br used in sotre on any merchandise eithin the next nine months. customers could look online during the year and check their balance at any time. Laura signed up for the program in 2020. when she purchased a kayak in July for 1100. later in september she purchased a mountain bike for 2200. in March 2021 she purchased a paddle board for 2100 and used her cheque toward the purchase. A) Record the sale of Kayak and loyalty points. B)Record sale of mountain bike and loyalty points C) Record the sales of paddleboard, use of rewards points, cheque towards its purchase and the rewards points earned on sale. D) In 2020 RPS Co-op had a total pf 497,000 in sales to customers who had signed up with the loyalty program. What is the amount of liability that woudl be created by these sale?
- On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk and 5 GB data wireless plan for $70.00 per month. The contract includes a smartphone for which the customer pays $299.00. Loud also sells the smartphone and monthly service plan separately, charging $659.00 for the smartphone and $70.00 for the monthly service for the unlimited talk and 5 GB data wireless plan. On July 1, 2019, the customer realizes that she needs less data in her wireless plan and downgrades to the unlimited talk and 2 GB data plan for the remaining term of the contract (18 months). The unlimited talk and 2 GB data plan is priced at $49.00 per month. The $49.00 per month is Loud’s current stand-alone price for this plan that is available to all customers. Required: 1. How should Loud account for this contract modification? 2. Provide Loud’s new monthly revenue recognition journal entry. 1. How should Loud account for this contract modification? The…On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk and 5 GB data wireless plan for $70.00 per month. The contract includes a smartphone for which the customer pays $299.00. Loud also sells the smartphone and monthly service plan separately, charging $659.00 for the smartphone and $70.00 for the monthly service for the unlimited talk and 5 GB data wireless plan. On July 1, 2019, the customer realizes that she needs less data in her wireless plan and downgrades to the unlimited talk and 2 GB data plan for the remaining term of the contract (18 months). The unlimited talk and 2 GB data plan is priced at $49.00 per month. The $49.00 per month is Loud’s current stand-alone price for this plan that is available to all customers. Required: 1. How should Loud account for this contract modification? 2. Provide Loud’s new monthly revenue recognition journal entry.On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk and 5 GB data wireless plan for $64.00 per month. The contract includes a smartphone for which the customer pays $299.00. Loud also sells the smartphone and monthly service plan separately, charging $649.00 for the smartphone and $64.00 for the monthly service for the unlimited talk and 5 GB data wireless plan. On July 1, 2019, the customer realizes that she needs less data in her wireless plan and downgrades to the unlimited talk and 2 GB data plan for the remaining term of the contract (18 months). The unlimited talk and 2 GB data plan is priced at $45.00 per month. The $45.00 per month is Loud’s current stand-alone price for this plan that is available to all customers.
- On July 1, 2022, John entered into a 12-month telecom plan with Cabinet Telecom. The terms of the plan includes the following: Calida's monthly fixed fee is P2,000. Calida receives a free handset at the inception of the plan.Tela Telecom sells the same handsets for P6,000 and the same monthly prepayment plans w/out handset for P1,600/month.Determine the total amount of revenue to be recognized by Cabinet Telecom in 2022On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk and 5 GB data wireless plan for $65 per month. The contract includes a smartphone for which the customer pays $299. Loud also sells the smartphone and monthly service plan separately, charging $649 for the smartphone and $65 for the monthly service for the unlimited talk and 5 GB data wireless plan. On July 1, 2019, the customer realizes that she needs less data in her wireless plan and downgrades to the unlimited talk and 2 GB data plan for the remaining term of the contract (18 months). The unlimited talk and 2 GB data plan is priced at $55 per month. The $55 per month is Loud’s current stand-alone price for this plan that is available to all customers. On July 1, the contract receivable has a remaining balance of ____ As a result, the entity has ___ to allocate to the remaining 18 months of service, or ____ per month. Required: 1. How should Loud account for this…On December 28, 2018, Tristar Communications sold 10 units of its new satellite uplink system to various customers for $25,000 each. The terms of each sale were 1/10, n/30. Tristar uses the gross method to account forsales discounts. In what year will income before tax be affected by discounts, assuming that all customers paidthe net-of-discount amount on January 6, 2019? By how much?
- AAA Company sells gift certificates that expire one year after their issuance. Information on gift certificates is shown below: Unearned revenue – gift certificates, January 1, 2020 - 600,000Gift certificates sold during 2019 - 1,000,000Prior year gift certificates redeemed in 2020 - 400,000Gift certificates sold and redeemed in 2020 - 700,000 How much is the unearned revenue from gift certificates as of December 31, 2020?On October 1, 2019, Alharam sold and delivered 3 doors to a builder for $40,000. The builder plans to install it in one of its “Parade of Homes” houses. Alharam accepted a 5-year, zerointerest bearing note with face amount of $53,240. The doors have cost of $25,500. An interest rate of 10% is an appropriate market rate of interest for this customer. What's the entries of this transactionand i wana explain of the entriesA company sells a stove to a customer for a price of $2,000 which includes the installation. The fair value of the installation alone is $300 and the fair value of the stove alone is $1,800. The stove was delivered on October 1, 2020 and the installation occurred on October 15, 2020. The customer pays $1,850 on the date of the delivery and the balance on the date of the installation. What would the journal entry include on the date of the delivery of the stove? a Credit to Revenue of $1,714 a Debit to Unearned Revenue of $136 a Debit to Cash of $2,000 a Credit to Revenue of $1,800 A company sells windows to a customer for a price of $2400 which includes the installation of the windows. The fair value of the installation alone is $500 and the fair value of the Windows alone is $2000. The windows were delivered on September 1, 2020 and the installation occurred on September 15, 2020. What revenue is recorded on September 1? Group of answer choices $2,000 $440 $2,400…
