College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 14, Problem 2CE
The Venice Theatre sold and collected cash of $45,000 for season tickets. Upon collection of cash, Unearned Ticket Revenue was credited. At the end of the accounting period, $15,000 had been earned. Make the appropriate
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
For each separate case, record an adjusting entry (if necessary).
Lonzo Company receives $3,000 cash in advance for six months of recycling services on September 1 and records it by debiting Cash and crediting Unearned Revenue for $3,000. Lonzo provides recycling services monthly as promised. Prepare the December 31 year-end adjusting entry that Lonzo records for the work performed from September 1 through December 31.
On October 20, Milwaukee Bucks sold a 10 game ticket package for $200 and recorded Unearned Revenue. By December 31, 4 of the 10 games had been played. Record the December 31 year-end adjusting entry that the Bucks record for the 40% of revenue earned on the $200 ticket package.
Prepare the December 31 year-end entry that companies record to adjust the Revenue and the Unearned Revenue accounts.
On October 31, the Vermillion Igloos Hockey Club received $928,000 in cash in advance for season tickets for eight home games. The transaction was recorded as a debit to Cash and a credit to Unearned Admissions. By December 31, the end of the fiscal year, the team had played six home games and received an additional $538,000 cash admissions income at the gate.
a. Journalize the adjusting entry as of December 31.
On November 1, 2021, a company receives cash of $6,000 from a customer for services to be provided evenly over the next six months. Deferred revenue is recorded at that time. Which of the following adjusting entries is needed on December 31, 2021? a. Debit Deferred Revenue for $2,000; Credit Cash for $2,000. b. Debit Deferred Revenue for $2,000; Credit Service Revenue for $2,000. c. Debit Deferred Revenue for $6,000; Credit Service Revenue for $6,000. d. Debit Service Revenue for $2,000; Credit Deferred Revenue for $4,000.
Chapter 14 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 14 - Under the periodic inventory system, the beginning...Ch. 14 - Under the periodic inventory system, the ending...Ch. 14 - The cash received in advance before delivering a...Ch. 14 - Unearned revenue is adjusted into an expense...Ch. 14 - Sales Returns and Allowances is classified as a...Ch. 14 - Prob. 1MCCh. 14 - Prob. 2MCCh. 14 - Prob. 3MCCh. 14 - Prob. 4MCCh. 14 - Prob. 5MC
Ch. 14 - Prepare the cost of goods sold section for Josephs...Ch. 14 - The Venice Theatre sold and collected cash of...Ch. 14 - Prob. 3CECh. 14 - Using the partial work sheet provided below,...Ch. 14 - Prob. 5CECh. 14 - A firm is preparing to make adjusting entries at...Ch. 14 - Prob. 2RQCh. 14 - Prob. 3RQCh. 14 - What is an unearned revenue?Ch. 14 - Give three examples of unearned revenue.Ch. 14 - Prob. 6RQCh. 14 - Prob. 7RQCh. 14 - A firm is preparing to make adjusting entries at...Ch. 14 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - ADJUSTMENT FOR UNEARNED REVENUES USING T ACCOUNTS...Ch. 14 - WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY...Ch. 14 - DETERMINING THE BEGINNING AND ENDING INVENTORY...Ch. 14 - JOURNALIZE ADJUSTING ENTRIES FOR A MERCHANDISING...Ch. 14 - JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY...Ch. 14 - Prob. 8SEACh. 14 - COMPLETION OF A WORK SHEET SHOWING A NET INCOME...Ch. 14 - COMPLETION OF A WORK SHEET SHOWING A NET LOSS The...Ch. 14 - WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO...Ch. 14 - Prob. 12SPACh. 14 - ADJUSTMENT FOR MERCHANDISE INVENTORY USING T...Ch. 14 - CALCULATION OF COST OF GOODS SOLD: PERIODIC...Ch. 14 - ADJUSTMENT FOR UNEARNED REVENUES USING T ACCOUNTS...Ch. 14 - WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY...Ch. 14 - Prob. 5SEBCh. 14 - Prob. 6SEBCh. 14 - JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY...Ch. 14 - JOURNALIZE ADJUSTING ENTRY FOR A MERCHANDISING...Ch. 14 - COMPLETION OF A WORK SHEET SHOWING A NET INCOME A...Ch. 14 - Prob. 10SPBCh. 14 - WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO...Ch. 14 - WORKING BACKWARD FROM THE INCOME STATEMENT AND...Ch. 14 - A friend of yours recently opened Abracadabra, a...Ch. 14 - Jason Tierro, an inventory clerk at Lexmar...Ch. 14 - John Neff owns and operates Waikiki Surf Shop. A...Ch. 14 - Block Foods, a retail grocery store, has agreed to...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- On October 31, the Vermillion Igloos Hockey Club received 800,000 in cash in advance for season tickets for eight home games. The transaction was recorded as a debit to Cash and a credit to Unearned Admissions. By December 31, the end of the fiscal year, the team had played three home games and received an additional 450,000 cash admissions income at the gate. a. Journalize the adjusting entry as of December 31. b. List the title of the account and the related balance that will appear on the income statement. c. List the title of the account and the related balance that will appear on the balance sheet.arrow_forwardAt the beginning of the year, A Corporation had $5,000 worth ofoffice supplies. During the year, office supplies purchased totaled P22,000,and was recorded by debiting Supplies Expense and crediting cash. At theend of the year, $7,000 worth of office supplies remain. Which of thefollowing will be included in the adjusting journal entry?arrow_forwardBarry Company received $14,000 full payment in advance for services that are 60% complete at the end of the period. The adjusting entry will  a. debit Cash for $8,400 and credit Fees Earned for $8,400.  b. debit Unearned Revenue for $14,000 and credit Fees Earned for \$ 14000  c. debit Fees Earned for $8,400 and credit Unearned Revenue for $8,400.  d. debit Unearned Revenue for $8,400 and credit Fees Earned for \$ 8 ,400arrow_forward
- On March 1, a company received P3,000 cash from a client as an advance for 12 months’ worth of delivery services. The company initially recorded this receipt as a debit to cash and a credit to delivery service revenue. The adjusting entry on December 31 would include a:   credit to delivery service revenue, P500. credit to unearned delivery service revenue, P500. No adjusting entry was required because the delivery service was for a one-year period exactly. debit to delivery service revenue, P2,500.arrow_forwardPacker Wings Company received an advance payment of $144,000 for a consulting contract during the year. The balance in the Unearned Consulting Fees account at the beginning of the year was $12,000. At the end of the year, $8,000 was still unearned. Create T-accounts for the accounts involved in the adjusting entry needed at year end, and post all amounts to them, including the adjusting entry necessary, and calculate the account balances. How much will Packer Wings report as Consulting Revenue on its income statement for the year? I need quick answerarrow_forwardMavis Enterprises received $28,000 from a customer on October 31, 2020 for work beginning immediately and to be completed by February 28, 2021. Mavis credited the cash to Unearned Revenue. As of December 31, 2020, 45% of the work had been completed. What adjusting entry must Mavis make at February 28, 2021?arrow_forward
- Olney Cleaning Company had the following items that require adjustment at year end. For one cleaning contract, $11,100 cash was received in advance. The cash was credited to Unearned Service Revenue upon receipt. At year end, $260 of the service revenue was still unearned. For another cleaning contract, $8,700 cash was received in advance and credited to Unearned Service Revenue upon receipt. At year end, $3,000 of the services had been provided. Required: 1.  Prepare the adjusting journal entries needed at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Unearned Service Revenue fill in the blank 02e1a8f7d03afe9_2 fill in the blank 02e1a8f7d03afe9_3  Service Revenue fill in the blank 02e1a8f7d03afe9_5 fill in the blank 02e1a8f7d03afe9_6 Dec. 31 Unearned Service Revenue fill in the blank 02e1a8f7d03afe9_8 fill in the blank 02e1a8f7d03afe9_9  Service Revenue fill in the blank 02e1a8f7d03afe9_11 fill in the blank 02e1a8f7d03afe9_12…arrow_forwardOn November 1, 20X1, Chabon Corp. received $2,000 for services it will provide evenly to a customer over the next five months beginning in November. Part 1: Record the November 1 transaction as well as the year-end adjusting entry. Part 2: Answer the following questions: How much of the November 1 cash collection is still deferred (unearned) on December 31? Where should the amount still deferred (unearned) at year-end be reported on the financial statements?arrow_forwardBest Company had the following items that require adjustment at year end. Cash for equipment rental in the amount of $3,800 was paid in advance. The $3,800 was debited to prepaid rent when paid. At year end, $2,950 of the prepaid rent had expired. Cash for insurance in the amount of $8,200 was paid in advance. The $8,200 was debited to prepaid insurance when paid. At year end, $1,850 of the prepaid insurance was still unused. Supplies at the beginning of the year showed a balance of $2,000. Best purchased supplies of $16,200 during the year. At the end of the year, a physical count of supplies showed $4,125 of supplies on hand. Required: 1.  Prepare the adjusting journal entries needed at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Rent Expense fill in the blank 27781a0e1020040_2 fill in the blank 27781a0e1020040_3  Prepaid Rent fill in the blank 27781a0e1020040_5 fill in the blank 27781a0e1020040_6 Dec. 31 Insurance Expense…arrow_forward
- On August 1, 2021, Vixen Ltd. received $54,000 cash from a tenant for one year of rent in advance, and recorded the transaction as unearned revenue. The December 31, 2021 required adjusting entry for this transaction would be:  Question 5 options:  DR Rent revenue 31,500; CR Unearned revenue 31,500  DR Unearned revenue 22,500; CR Rent revenue 22,500  DR Rent revenue 22,500; CR Unearned revenue 22,500  DR Unearned revenue 31,500; CR Rent revenue 31,500   Beachroamers Inc. decided to discontinue its sculptured driftwood division on June 30, 2021. From January through June of 2021, the division had a loss of $25,000 before operations were stopped. The assets of this division have a carrying value of $575,000, and the company is actively marketing the sale of the division for $550,000, less selling costs of $5,000. Beachroamer's corporate tax rate is 25%. On December 31, the company has not yet received an offer…arrow_forwardOn October 1, the company lent $50,000 to a customer. The customer signed a note that required principle and interest at 8% to be paid in full on September 30 the following year. What is the adjusted journal entry?arrow_forwardFaisal Repairs and Services has the following unadjusted balance at the end of the first year. Faisal Repairs and Services Unadjusted Trial Balance June 30, 2020 Accounts Debit Credit Cash 12,350  Account Receivable 50,000  Prepaid Insurance 17,500  Supplies 15,200  Equipment 148,700  Account Payable  19,750 Unearned Revenues  18,000 Capital  169,200 Drawings 18,000  Service Revenues  295,000 Wages Expenses 94,500  Rent Expense 72,000  Utilities Expenses 65,600  Miscellaneous Expenses 8,100  Total 501,950 501,950  Additional information:  1. Revenues earned but unbilled on June 30 were OMR 8,000. 2. Supplies on hand on June 30 were OMR 5,100. 3. Insurance expense for the year, OMR 3,700. 4. Unearned Revenues on June 30th were OMR 6,000. 5. Unpaid wages accrued on June 30 were OMR 4,500.  Required: Prepare the necessary…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY