Chapter 3, Problem 4.5C

Q4 Company A provides a bundled service offering to Customer B. It charges Customer B $35 000 for initial connection to its network and two ongoing services – access to thenetwork for 1 year and ‘on-call troubleshooting’ advice for that year.Customer B pays the $35 000 upfront, on 1 July 2014. Company A determines that, if it were to charge a separate fee for each service if sold separately, the fee would be:Connection fee Access fee Troubleshooting$ 5 000 $12 000 $23 000The end of Company A’s reporting period is 30 June.RequiredPrepare the journal entries to record this transaction in accordance with AASB 118 for the year ended 30 June 2013, assuming Company A applies the relative fair valueapproach. Show

A "bill and hold" scheme is most likely to include: a) Shipment of items to a customer beyond what the customer has ordered b) Selling itms at substantial discounts near year end c) Billing items that are held by the customer in future revenue production purposes d) Recording items that the company retaines as of year end as sales chegg

PLEASE ANSWER IT ALL AND I WILL RATE AS HELPFUL. THANK YOU! Dynasty Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Dynasty Company recognizes the unearned revenue as realized. Information for 2019 is as follows: Unearned Revenue, January 1, 2019 P650,000; Gift certificates sold P2,250,000; Gift certificates redeemed P1,950,000; Gift certificates unredeemed for a long time P100,000; Cost of Goods Sold 60%. What amount should be reported as Unearned Revenue on December 31, 2019, following the ruling by the Department of Trade and Industry that gift certificates no longer have an expiration period?    Long Live Company entered into a lease agreement for the use of a new machine on January 1, 2020. The lease agreement requires an annual payment of P1,500,000 for five years starting December 31, 2020. Long Live guaranteed a residual value of P711,090 at the end of the contract. The machine will revert to the lessor at the end of five years.…

Multiple choice: 1. Your business sells goods to a credit customer. Which of the following accounts is increased? A. Accounts Receivable B. Cost of sales C. Salea D. All of these 2. The business renders services to clients. A. Sales B. Service fees C. Interest income D. Gain

Consider each of the following scenarios: a. A seller orally agrees with one of its best customers to deliver goods in exchange for 10,000. While the sellers practice is to obtain a written sales agreement, the seller delivered these goods to the customer without a written agreement due to the customers urgent need. b. A seller agrees to provide accounting services to a customer for the next year in exchange for 40,000. While the two parties are negotiating the terms of the agreement and the specific services to be performed, the seller begins to perform some services as a gesture of good faith. c. A seller has a written agreement to deliver goods to a customer for 50 per unit. The price will drop to 45 per unit if the customer purchases more than 2,000 units per month. d. A seller had a written agreement and provided custodial services to a customer for 2,000 per month in a previous year. The contract expired on December 31, 2019. During negotiations for a new contract in January 2020, custodial services were provided at the previous monthly rate and paid for by the buyer. The seller and the customer agree to a new contract on February 1, 2020. The seller is concerned whether a contract existed in January 2020 and whether revenue can be recognized. Required: 1. Determine if a contract exists for each of the scenarios. 2. If it is determined that a contract exists but the seller believes it is probable that it will not collect the expected consideration, how does this affect the sellers ability to recognize revenue?

A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?

Please answer it completely. If not, don't answr it. 1.Which of the following is NOT classified as selling expense?  salary of agent salary of janitor salary of cashier salary of store manager 2. Ian purchased 10 boxes of face shields from Kia Trading. The sales invoice shows an amount equivalent to 9 boxes of face shields. What discount does Kia Trading offered to Ian? A.purchase discount B trade discount C sales discount D credit discount 3. To intensify the collection of receivables, Rex's Trading offered 2/10, n/30 to customers. What discount is being offered by the company? A purchase discount B cash discount C sales discount D trade discount

Ramsden Inc. provided consulting services with a gross price of $42,000 and terms of 2/10, n/30. Required: Question Content Area 1.  Prepare the necessary journal entries to record the sale under the gross method. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -   (Record sale)       Question Content Area 2.  Prepare the necessary journal entries to record collection of the receivable, assuming the customer pays within 10 days. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -     - Select - - Select -   (Record collection within discount period)       Question Content Area 3.  Prepare the necessary journal entries to record collection of the receivable, assuming the customer pays after 10 days. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select -…

first sale! They sold $100,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.