Suppose Casey Title Company normally charges $400 for services related to selling a house. As part of a summer special, Casey offers customers a trade discount of 30%. On July 9, Linda Holmes uses the services of Casey and pays cash equal to the discounted price.   Record the revenue recognized by Casey on July 9.

Q: Describe the revenue recognition policy that the company should follow: Comfort Furniture sells…

A: The revenue from sale of goods should be recognised in the books when: Risk and reward of ownership…

Q: On 1 – 4 – 2018 Ms. Bushra Al Khair LLC buys 100 Apple phone @ 325 each from a local supplier. The…

A: Accounts payable (AP) is a general ledger account that shows a company's obligation to pay a…

Q: and agreed to pay the remaining within 25 days. v. On April 10, Pearson & Co. received $4,000 from…

A: "Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts…

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: December 31: Company ABC received cash upfront from a customer on 11/1/2020 and promised to perform…

A: The journal entries are prepared to keep the record of daily transactions of the business.

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: Ned's Sheds purchases building materials from Timbertown Lumber for $3,700 with terms of 4/15, n/30.…

A: Note payable refers to a negotiable instrument. It represents the claim amount due to the acceptor.…

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

A: Given information is: Logan’s Roadhouse opened a new restaurant in November. During its first two…

Q: 1) A company purchased $1,800 of merchandise on November 5. On November 7, it returned $200 worth of…

A: 1) The discount shall be allowed if the payment is made within the discount period. The discount…

Q: On May 31, Marty’s Ice Cream Shop sells gift cards for $5,000. Customers redeem $1,200 in June,…

A: Definition: Gift cards are one form of an advanced collection of revenues. When gift cards are…

Q: Hitzu Co. sold a copier (that costs $5,500) for $11,000 cash with a two-year parts warranty to a…

A: Warranty Expenses is expense on repair or replacement expected during the warranty period on goods…

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: Given: The 456 Company purchased office supplies from A-One Supplies worth P80,000 on April 04,…

A: Solution: List price of supplies = P80,000 Trade discount = 5%, 2% Cash discount = 5% if paid with…

Q: Wall Design Services billed its customers a total of $490,200 for the month of August, including 9…

A: Sales tax and federal excise tax are collected by firm from their customers are the liabilities for…

Q: Steve’s Outdoor Company purchased a new delivery van on January 1 for $58,000 plus $4,900 in sales…

A: Depreciation is the reduction in the value of a tangible fixed asset due to wear and tear occurring…

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: Ahlers Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the EmpireMall…

A: Given information is: Ahlers Clocks is a retailer of wall, mantle, and grandfather clocks and is…

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

A: Transaction General Journal Debit Credit 1 Cash $1,750             Unearned Sales revenue…

Q: the business. February 1 - PPS paid advance rent for 6 months. P120,000. February 2 - PPS received…

A:

Q: Merry Maidens Cleaning generally charges $300 for a detailed cleaning of a normal-size home.…

A: Trade discount: Seller of a product or service offers a reduction in the listed price of the…

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

A: Single Compound entry: It is the entry which involve more than one debit or credit entry and it is…

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: Salaries are paid on Saturdays. The weekly payroll is P25,200. Assume that Sept. 30 falls on a…

A: Calculation of Salaries Payable    Weekly salaries = 25,200  Days in a week = 6 days Salaries are…

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: Big Buy Appliances sells Mike and Katy a refrigerator for $1,200 in March. Big Buy  paid $500 for…

A: Solution...     Sales value of refrigerator  = $1,200    Purchase price of Refrigerator  = $500…

Q: Steve’s Outdoor Company purchased a new delivery van on January 1 for $58,000 plus $4,900 in sales…

A: An accounting equation represents that the assets of an organization are equal to the summation of…

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: Following are some transactions and events of Business Solutions.   Feb.   26   The company paid…

A: Payroll refers to the sum of money received as a form of payment to the employees which is paid  by…

Q: Given: The 456 Company purchased office supplies from A-One Supplies worth P80,000 on April 04,…

A: In the given question, A-one Supplies has offered a trade discount of 5% and 2%: It implies that…

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

A:

Q: Feb. 26 The company paid cash to Lyn Addie for eight days’ work at $125 per day. Mar. 25 The company…

A: Payroll of a company consists of the wages, salaries, and employee benefits and taxes deductions.…

Q: During the month of December, Hexon steels made a 676,000 credit sale. The state sales tax rate is…

A: Journal entries was the process of recording various accounting transactions in a chronological…

Q: On September 1, Home Store sells a mower (that costs $200) for $500 with a one-year warranty that…

A: Journal is the book for recording financial transactions in chronological order. It is the first…

Q: 1.Jill is paid a yearly salary of $90,000. How does she make per month?

A: Salary is the payment form from the employer to the employees, which might be specified the contract…

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

A: Date  unpaid balance   Sep. 10 $5000 (previous balance) Sep. 15 $5000+$3000=$8000 (purchase of…

Q: Use the five transactions below for Hennigan Rentals to answer the questions that follow. Dec. 1…

A: Account receivable means the amount due from customer whom we sold the goods on credit.

Q: Muntinlupa Co. reported the following events to its bookkeeper covering the month of April 2021: T1:…

A: The transactional event is recorded in the books of the company. We will check here whether the…

Q: Suppose Casey Title Company normally charges $500 for services related to selling a house. As part…

A: Revenue means the amount earned by selling the goods or services. Trade discount means the services…

Q: Rapoo Inc. sells gift certificates. One-half of the gift certificates outstanding on January 1…

A: Unearned  revenue from gift card on 1 JANUARY       1,80,000 Closing balance of unearned…

Q: Purrfect​ Pets, Inc. provides animal daycare for $ 28 per day. Customers buy three month​ packages,…

A: Compute cash received in January.

Q: Hitzu Co. sold a copier (that costs $4,800) for $6,000 cash with a two-year parts warranty to a…

A: STEP 1 Journal is the part of the book keeping

Q: Entity A provides bookkeeping services to Entity B for a monthly retainer fee (fixed monthly fee) of…

A: Advance receipt of fees is unearned revenue at the time of receipt it needs to be adjusted at the…