The following transactions are February activities of Swing Hard Incorporated, which offers indoor golfing lessons in the northeastern United States. If revenue is to be recognized in February, indicate the amount. Activity Amount a. Swing Hard collected $26,200 from customers for lesson services given in February. b. Swing Hard sold a gift card for golf lessons for $170 cash in February. c. Swing Hard received $3,200 from services provided on account to customers in January. d. Swing Hard collected $2,350 in advance payments for services to start in June. $ 26,200 e. Swing Hard blled a customer $195 for services provided between February 25 and February 28. The bill is to be paid in March.

The following transactions are February activities of Swing Hard Incorporated, which offers indoor golfing lessons in the northeastern United States. If revenue is to be recognized in February, indicate the amount. Activity Amount a. Swing Hard collected $26,200 from customers for lesson services given in February. b. Swing Hard sold a gift card for golf lessons for $170 cash in February. c. Swing Hard received $3,200 from services provided on account to customers in January. d. Swing Hard collected $2,350 in advance payments for services to start in June. $ 26,200 e. Swing Hard blled a customer $195 for services provided between February 25 and February 28. The bill is to be paid in March.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 4PB: In March, T. Carter established Carter Delivery Service. The account headings are presented below....

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In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004. i. Received a bill for gas and oil for the truck, 218. j. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Nos. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. Record the transactions and the balance after each transaction 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
The following transactions are July activities of Bill’s Extreme Bowling, Inc., which operates several bowling centers. Bill’s collected $12,000 from customers for services related to games played in July. Bill’s billed a customer for $250 for a party held at the center on the last day of July. The bill is to be paid in August. The men’s and women’s bowling leagues gave Bill’s advance payments totaling $1,500 for the fall season that starts in September. Bill’s received $1,000 from credit sales made to customers last month (in June). Bill’s paid $1,500 to plumbers for repairing a broken pipe in the restrooms. Bill’s paid $2,000 for the June electricity bill and received the July bill for $2,500, which will be paid in August. Bill’s paid $5,475 to employees for work in July. Required: Prepare an income statement for Bill’s Extreme Bowling, Inc., for the month ended July 31. (This income statement would be considered “preliminary” because it uses unadjusted balances.
The following transactions are July activities of Bill’s Extreme Bowling, Inc., which operates several bowling centers. Bill’s collected $12,000 from customers for services related to games played in July. Bill’s billed a customer for $250 for a party held at the center on the last day of July. The bill is to be paid in August. The men’s and women’s bowling leagues gave Bill’s advance payments totaling $1,500 for the fall season that starts in September. Bill’s received $1,000 from credit sales made to customers last month (in June). Bill’s paid $1,500 to plumbers for repairing a broken pipe in the restrooms. Bill’s paid $2,000 for the June electricity bill and received the July bill for $2,500, which will be paid in August. Bill’s paid $5,475 to employees for work in July. Required: Prepare an income statement for Bill’s Extreme Bowling, Inc., for the month ended July 31. (This income statement would be considered “preliminary” because it uses unadjusted balances.) What is…
Here is the question: The following transactions are July activities of Bennett’s Bowling, Inc., which operates several bowling centers, offering customers lanes for games and merchandise for sale. Bennett’s collected $15,000 from customers for games played in July. Bennett’s sold bowling merchandise inventory from its pro shop for $800; received $300 in cash and customers owed the rest on account. (Consider only the effect on revenue here.) Bennett’s received $400 from customers who purchased merchandise in June on the account. The men’s and ladies’ bowling leagues gave Bennett’s a deposit of $2,500 for the upcoming fall season. If revenue is not recognized in July, choose 'None' for the account affected. If revenue is to be recognized in July, indicate the revenue account title and amount. Please see attach for my answer. I got a, c and d wrong. I now understand question a should be Games Revenue and c is None (not recognized in July) but I dont undrestand why d is wrong. Thanks
The following transactions are July activities of Bennett’s Bowling, Incorporated, which operates several bowling centers, offering customers lanes for games, snack bar service, and merchandise for sale from the pro shop. e. Bennett’s purchased $380 in food supplies for the snack bar; paid $270 in cash and owed the rest on account with the supplier. f. Bennett’s paid $3,700 on the electricity bill for June (recorded as an expense in June). g. Bennett’s paid $3,500 to employees for work in July. h. Bennett’s purchased $2,700 in insurance for coverage from August 1 to November 1. i. Bennett’s paid $1,800 to plumbers for repairing a broken pipe in the restrooms. j. Bennett’s received the July electricity bill for $3,700 to be paid in August. For each of the above transactions, complete the tabulation, indicating the amount and effect of each transaction. (Remember that Assets = Liabilities + Stockholders’ Equity; Revenues − Expenses = Net Income; and Net Income affects Stockholders’…
The following transactions are July activities of Bennett’s Bowling, Incorporated, which operates several bowling centers, offering customers lanes for games, snack bar service, and merchandise for sale from the pro shop. Bennett’s purchased $780 in food supplies for the snack bar; paid $710 in cash and owed the rest on account with the supplier. Bennett’s paid $3,800 on the electricity bill for June (recorded as an expense in June). Bennett’s paid $3,100 to employees for work in July. Bennett’s purchased $3,600 in insurance for coverage from August 1 to November 1. Bennett’s paid $2,100 to plumbers for repairing a broken pipe in the restrooms. Bennett’s received the July electricity bill for $3,800 to be paid in August. For each of the above transactions, complete the tabulation, indicating the amount and effect of each transaction. (Remember that Assets = Liabilities + Stockholders’ Equity; Revenues − Expenses = Net Income; and Net Income affects Stockholders’ Equity…
Below are transactions for Lobos, Inc., during the month of December. Calculate the amount of revenue to recognize in December. If the transaction does not require the company to recognize a revenue, indicate how it would report the transaction. a. Receive $1,200 cash from customers for services to be provided next month. b. Perform $900 of services during the month and bill customers. Customers are expected to pay next month. c. Perform $2,300 of services during the month and receive full cash payment from customers at the time of service.
The following transactions are July activities of Bill’s Extreme Bowling, Incorporated, which operates several bowling centers. Bill's paid $1,500 to a plumbing company on the day of repairing a broken pipe in the restrooms. Bill's paid $2,000 for the June electricity bill and received the July bill for $2,500, which will be paid in August. Bill's paid $5,475 to employees for work in July. Required:Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Part of the Fry’s Electronics, Inc. ’s experience involves providing technical support to its customers. This includes in-home installations of electronics and also computer support at their retail store locations. Requirements Suppose Fry’s Electronics, Inc. provides $10,500 of computer support at the Dallas-Fort Worth store during the month of November. How would Fry's Electronics record this transaction? Assume all customers paid in cash. What financial statement(s) would this transaction affect? Assume Fry’s Electronics, Inc.’s Modesto, California, location received $24,000 for an annual contract to provide computer support to the local city government. How would Fry’s Electronics record this transaction? What financial statement(s) would this transaction affect? What is the difference in how revenue is recorded in requirements 1 and 2? Clearly state when revenue is recorded in each requirement.
The following transactions are July activities of Bennett’s Bowling, Inc., which operates several bowling centers, offering customers lanes for games and merchandise for sale. Bennett’s collected $21,000 from customers for games played in July. Bennett’s sold bowling merchandise inventory from its pro shop for $7,600; received $4,500 in cash and customers owed the rest on account. [Consider only the effect on revenue here. Do not consider cost of goods sold for this question.] Bennett’s received $2,700 from customers who purchased merchandise in June on account. The men’s and ladies’ bowling leagues gave Bennett’s a deposit of $3,100 for the upcoming fall season.
The following transactions occur for Cardinal Music Academy during the month of October: a. Provide music lessons to students for $7,500 cash.b. Purchase prepaid insurance to protect musical equipment over the next year for $3,060 cash.c. Purchase musical equipment for $10,500 cash. d. Obtain a loan from a bank by signing a note for $11,000. Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue.
Before you begin this assignment, review the Tying It All Together feature in the chapter. Part of Fry’s Electronics, Inc.'s experience involves providing technical support to its customers. This includes in-home installations of electronics and also computer support at their retail store locations. Requirements Suppose Fry’s Electronics, Inc. provides $10,500 of computer support at the Dallas-Fort Worth store during the month of November. How would Fry's Electronics record this transaction? Assume all customers paid in cash. What financial statement(s) would this transaction affect? Assume Fry’s Electronics, Inc.’s Modesto, California, location received $24,000 for an annual contract to provide computer support to the local city government. How would Fry’s Electronics record this transaction? What financial statement(s) would this transaction affect? What is the difference in how revenue is recorded in requirements 1 and 2? Clearly state when revenue is recorded in each requirement.