The following transactions are February activities of Swing Hard Incorporated

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The following transactions are February activities of Swing Hard Incorporated

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 Amount.

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Answer 1

Answer #1

a) $22800 is the revnue which will be recorded in the income statement

b) Instead of recognizing actual revenue on the sale of gift cards, retailers record a deferred revenue liability on the balance sheet for the cash exchange until the gift card is redeemed.

c) $4800 Cash is received from the customer for the provision of the services provided on account in january. The credit entry to the service revenue account records the revenue earned as a result of providing the service

d) $3300: When a company receives money in advance of earning it, the accounting entry is a debit to the asset Cash for the amount received and a credit to the liability account such as Customer Advances or Unearned Revenues.

e) $210 will be increased in Accounts receivable account.

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Answer 2

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The following transactions are February activities of Swing Hard Incorporated

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