menu
bartleby
search
close search
Hit Return to see all results
Subscribe
Sign in

Business
AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

close solutoin list
Chapter 17, Problem 4E
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 22GI
Problem 23GI
Problem 24GI
Problem 25GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 12RE
Problem 13RE
Problem 14RE
Problem 15RE
Problem 16RE
Problem 17RE
Problem 18RE
Problem 19RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 22E
Problem 23E
Problem 24E
Problem 25E
Problem 26E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
Problem 9C
Problem 10C
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
103 views

On January 1, 2019, Spring Fashions Inc. enters into a contract with a southeast retail company to provide 500 dresses for $62,500 ($125 per dress) over the next 10 months. On October 1, 2019, after 450 of the dresses had been delivered (50 dresses per month), the contract is modified.

Required:

  1. 1. Fifty dresses were delivered each month for the first 9 months of 2019. Prepare Spring Fashions’s monthly journal entry to record revenue.
  2. 2. Assume that the contract is modified to sell, once the original 500 dresses are delivered, an additional 100 dresses at $110 per dress, which is the stand-alone selling price on October 1, 2019. Assume the dresses are delivered evenly in November and December 2019. Prepare the journal entries to record the contract modification.

1.

To determine

Journalize entries to record revenue for Company S.

Explanation

Contract modification: In a contract, Companies generally modify the respective rights and performance obligations. An agreed-upon change in the goods or services that must be delivered or the contract’s price is known as a contract modification and it is also referred as contract amendment or change order.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Accounting rules for Journal entries:

  • To record increase balance of account: Debit assets, expenses, losses and credit liabilities, capital, revenue and gains.
  • To record decrease balance of account: Credit assets, expenses, losses and debit liabilities, capital, revenue and gains

Prepare monthly journal entry from January to September:

DateAccount titles and explanationDebit ($)Credit ($)
 Cash (1) 6,250 
    sales revenue 6,250
 ( To record the amount of sales revenue )  

Table (1)

  • Cash is an asset and it is increased...

2.

To determine

Journalize entries to record contract modification.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution
arrow_back
Chapter 17,
Problem 3E
Chapter 17,
Problem 5E
arrow_forward

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 17 Solutions

Show all chapter solutions add
Ch-17 P-1GICh-17 P-2GICh-17 P-3GICh-17 P-4GICh-17 P-5GICh-17 P-6GICh-17 P-7GICh-17 P-8GICh-17 P-9GICh-17 P-10GI
Ch-17 P-11GICh-17 P-12GICh-17 P-13GICh-17 P-14GICh-17 P-15GICh-17 P-16GICh-17 P-17GICh-17 P-18GICh-17 P-19GICh-17 P-20GICh-17 P-21GICh-17 P-22GICh-17 P-23GICh-17 P-24GICh-17 P-25GICh-17 P-1MCCh-17 P-2MCCh-17 P-3MCCh-17 P-4MCCh-17 P-5MCCh-17 P-6MCCh-17 P-7MCCh-17 P-9MCCh-17 P-10MCCh-17 P-1RECh-17 P-2RECh-17 P-3RECh-17 P-4RECh-17 P-5RECh-17 P-6RECh-17 P-7RECh-17 P-8RECh-17 P-9RECh-17 P-10RECh-17 P-11RECh-17 P-12RECh-17 P-13RECh-17 P-14RECh-17 P-15RECh-17 P-16RECh-17 P-17RECh-17 P-18RECh-17 P-19RECh-17 P-1ECh-17 P-2ECh-17 P-3ECh-17 P-4ECh-17 P-5ECh-17 P-6ECh-17 P-7ECh-17 P-8ECh-17 P-9ECh-17 P-10ECh-17 P-11ECh-17 P-12ECh-17 P-13ECh-17 P-14ECh-17 P-15ECh-17 P-16ECh-17 P-17ECh-17 P-18ECh-17 P-19ECh-17 P-20ECh-17 P-21ECh-17 P-22ECh-17 P-23ECh-17 P-24ECh-17 P-25ECh-17 P-26ECh-17 P-1PCh-17 P-2PCh-17 P-3PCh-17 P-4PCh-17 P-5PCh-17 P-6PCh-17 P-7PCh-17 P-8PCh-17 P-9PCh-17 P-10PCh-17 P-11PCh-17 P-1CCh-17 P-2CCh-17 P-3CCh-17 P-4CCh-17 P-5CCh-17 P-6CCh-17 P-7CCh-17 P-8CCh-17 P-9CCh-17 P-10C

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Dividends on preferred and common stock Pecan Theatre Inc. owns and operates movie theaters throughout Florida ...

Financial & Managerial Accounting

Communication Delta Air Lines is a major passenger airline headquartered in the United States. Most Delta passe...

Corporate Financial Accounting

Contribution margin ratio Young Company budgets sales of 112,900,000, fixed costs of 25,000,000, and variable c...

Financial And Managerial Accounting

At the end of the current year, 59,500 of fees have been earned but have not been billed to clients. a. Journal...

Financial Accounting

Which of the following describe incompatible duties? a. Authorizing payment and writing checks b. Matching purc...

Accounting Information Systems

A factor that causes or leads to a change in a cost or activity is a(n) a. slope. b. intercept. c. driver. d. v...

Managerial Accounting: The Cornerstone of Business Decision-Making

Purchase-related transactions Journalize entries for the following related transactions of Manville Heating Ai...

Accounting

The primary purpose of a bank reconciliation is to detect and correct errors made by the bank in its records.

College Accounting, Chapters 1-27

Identify the eight functions of marketing physical goods.

Contemporary Marketing

Discuss the differences between statistics as numerical facts and statistics as a discipline or field of study.

STATISTICS F/BUSINESS+ECONOMICS-TEXT

RETURN ON EQUITY Pacific Packagings ROE last year was only 5%; but its management has developed a new operating...

Fundamentals of Financial Management (MindTap Course List)

Identify and give examples of the three major types of salespersons.

Foundations of Business (MindTap Course List)

If the value of a nations imports exceeds the value of its exports, which of the following is NOT true? a. Net ...

Principles of Macroeconomics (MindTap Course List)

Describe the bases for segmenting business markets

MKTG 12:STUDENT ED.-TEXT

Twitter resumes are a new twist on job hunting. While most job seekers struggle to contain their credentials on...

Essentials of Business Communication (MindTap Course List)

American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a...

Essentials of Economics (MindTap Course List)

(Minimizing Loss in the Short Run) Explain the different options a firm has for minimizing losses in the short ...

ECON MICRO

Suppose the government borrows 20 billion more next year than this year. a. Use a supply-and-demand diagram to ...

Principles of Economics (MindTap Course List)

These Tough Mudder employees appear to be members of a highly cohesive team. What are some of the qualities des...

Management, Loose-Leaf Version

Why is a country better off not isolating itself from all other countries? Why do we have markets, and accordi...

Principles of Microeconomics (MindTap Course List)

Why should policymakers care about GDP?

Brief Principles of Macroeconomics (MindTap Course List)

CAPITAL BUDGETING CRITERIA: MUTUALLY EXCLUSIVE PROJECTS Project S costs 17,000, and its expected cash flows wou...

Fundamentals of Financial Management, Concise Edition (MindTap Course List)

Describe how radio-frequency identification (RFID) works.

Accounting Information Systems

(The Law of Demand and Marginal Utility) Daniel allocates his budget of $24 per week among three goods. Use the...

ECON: MICRO4 (New, Engaging Titles from 4LTR Press)

Suppose the price elasticity of demand for stocks is 13. This means that for every 10 percent increase in stock...

Economics:

How do we measure labor productivity? How do changes in labor productivity affect theU.S. standard of living?

ECON MACRO

Why is an accounts receivable ledger or an accounts payable ledger necessary for a business with large numbers ...

College Accounting (Book Only): A Career Approach

Appendix Extraordinary item Assume that the amount of each of the following items is material to the financial ...

Accounting (Text Only)

Ocular Realty Co. pays weekly salaries of 16,600 on Friday for a five-day workweek ending on that day. Journali...

Financial Accounting

How are the three financial statements shown in this chapter connected?

College Accounting (Book Only): A Career Approach

How would the current and quick ratios of a service business compare?

Financial & Managerial Accounting

If someone said, You would have to pay me to eat one more bite, what do we know about his marginal utility? Wha...

Exploring Economics

EXCHANGE GAINS AND LOSSES You are the vice president of International InfoXchange, headquartered in Chicago, Il...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

Pew Research Center is a nonpartisan polling organization that provides information about issues, attitudes, an...

Statistics for Business & Economics, Revised (MindTap Course List)

Should stockholder wealth maximization be thought of as a long-term or a short-term goal? For example, if one a...

Fundamentals of Financial Management (MindTap Course List)

Describe how to account for organization costs.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

How are inflation and unemployment related in the short run?

Principles of Macroeconomics (MindTap Course List)

What are the tasks required to complete the systems survey?

Pkg Acc Infor Systems MS VISIO CD

Ethics In Action Bud Lighting Co. is a retailer of commercial and residential lighting products. Gowen Geter, t...

Corporate Financial Accounting

The partnership of Keenan and Kludlow paid the following wages during this year: In addition, the partnership o...

PAYROLL ACCT.,2019 ED.(LL)-TEXT

Effect of proposals on divisional performance A condensed income statement for the Jet Ski Division of Amazing ...

Survey of Accounting (Accounting I)

Economists say that individuals make decisions at the margin. What does this mean?

Economics (MindTap Course List)

Using the theory developed in this chapter, explain the following: a. Why a worker in Ethiopia is likely to ear...

Microeconomics

Explain why it is important for a manager to assess the relative distribution of quality costs among the four c...

Cornerstones of Cost Management (Cornerstones Series)

If bond prices fall, will individuals want to hold more or less money? Explain your answer.

Macroeconomics

The Lafferty Company wants to locate a warehouse from which it will ship products to four customers. The locati...

Practical Management Science

Select the correct word in parentheses. Despite the dangers, employees change their computer passwords (infrequ...

Bcom

Discuss the pros and cons of sole, single, and multiple sourcing and the various risks associated with each of ...

Purchasing and Supply Chain Management

Consider the market for grapes. An increase in the wage paid to grape pickers will cause the a. demand curve fo...

Economics For Today

bartleby
© bartleby 2019