Homework Answers
Gift card sold journal entry
| Date | account and explanation | Debit | Credit |
| Cash | XXX | ||
| Unearned revenue | XXX |
So answer is a) Debit Cash, Credit unearned revenue
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ABC company sold 8,000 gift card in the current month. Which one should be the correct journal entry? Select one or...
Customers redeemed 5,000 ABC company gift card in September. Which one is the correct journal entry?...
Customers redeemed 5,000 ABC company gift card in September. Which one is the correct journal entry? Select one or more: a. Debit Accounts Receivable, Credit Revenue b. Debit Revenue, Credit Deferred Revenue c. Debit Revenue, Credit Accounts Receivable d. Debit Deferred Revenue , Credit Revenue
CircuitTown commenced a gift card program in January 2021 and sold $11,700 of gift cards in...
CircuitTown commenced a gift card program in January 2021 and sold $11,700 of gift cards in January, $18,100 in February, and $21,650 E in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $7,500 for the January gift cards sold, $6,050 for the February cards, and $6,250 for the March cards. Circuit Town considers gift cards to be “broken” (not redeemable) E 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with...
1.Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one:...
1.Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one: a. Debit Cash, credit Dividend Payable b. Debit Dividends, credit Cash 2.A bookkeeper erroneously recorded a $7 accrual of wages payable using this journal entry: Sales Discount $7 Inventory $7 Indicate the effect of the error on Expenses, Assets, and Liabilities, respectively: Select one: a. No Error, Understated, No Error b. Overstated, No Error, Understated c. Understated, Understated, Understated d. No Error, No Error,...
13. Assignments and 2 Circuit Town commenced a gift card program in January 2018 and sold...
13. Assignments and 2 Circuit Town commenced a gift card program in January 2018 and sold $10,000 of gift cards in January, $15.000 in February, and $16.000 in March of 2018 before discontinuing further in card sales. During 2018, gift card redemptions were $6,000 for the January gift cards sold, 54,500 for the February cards, and $4,000 for the March cards. Circuit Town considers gift cards to be broken not redeemable) 10 months after sale. Required: 1. How much revenue...
When shipping a product that was already paid by the customer in the previous month, the transaction should be reco...
When shipping a product that was already paid by the customer in the previous month, the transaction should be recorded as: Select one a. a debit to unearned revenue and a credit to revenue b. a debit to cash and an credit to owner's equity c. a debit to revenue and a credit to cash O d. a debit to revenue, and credit to unearned revenue
Choose one: Periodic Inventory Accounting is less expensive to maintain than Perpetual Inventory Accounting Periodic Inventory...
Choose one: Periodic Inventory Accounting is less expensive to maintain than Perpetual Inventory Accounting Periodic Inventory Accounting is more expensive to maintain than Perpetual Inventory Accounting There is no difference between the expense of using Periodic Inventory Accounting versus Perpetual Inventory Accounting ABC's beginning inventory is $2,000 and its ending inventory is $1,000. The inventory turnover is 6 times. Cost of goods sold for the year must equal: A) $6,000. B) $12,000. C) $18,000. D) $9,000. In January, 2018, ABC....
Ms. Spencer started a fashion magazine company in which customers were required to pay her $120...
Ms. Spencer started a fashion magazine company in which customers were required to pay her $120 in advance for a year's subscription in which the customer receives one magazine each month. In December 2019 she received 10,000 subscription orders and in January 2020 she published her first magazine. Please prepare the journal entry for the issuance of the magazine in January. Select one: a. Debit: Unearned Subscription Revenue 1,200,000 Credit: Subscription Revenue 1,200,000 b. Debit: Cash 120,000 Credit: Subscription Revenue...
Georgia's Salon - The salon sells $50,000 of gift cards in May 2019. These gift cards may be used anytime before th...
Georgia's Salon - The salon sells $50,000 of gift cards in May 2019. These gift cards may be used anytime before their expo on May 31, 2020. 20. Refer to Georgia's Salon. Which of the following is the correct journal entry to record the sale of the g a. Cash ame 50,000 Accounts Payable 50,000 b. Cash 50,000 Unearned Sales Revenue 50,000 c. Cash 50,000 Sales Revenue 50,000 d. Cash 50,000 Prepaid Sales Revenue 50,000 21. Refer to Georgia's Salon....
Question 2 3 pts Which of the following is the correct journal entry for a sales...
Question 2 3 pts Which of the following is the correct journal entry for a sales transaction? Debit Account Payable Credit Cash Debit COGS Debit Revenue
Choose one: Periodic Inventory Accounting is less expensive to maintain than Perpetual Inventory Accounting Periodic Inventory Accounting is more expensive to maintain than Perpetual Inventory Accou...
Choose one: Periodic Inventory Accounting is less expensive to maintain than Perpetual Inventory Accounting Periodic Inventory Accounting is more expensive to maintain than Perpetual Inventory Accounting There is no difference between the expense of using Periodic Inventory Accounting versus Perpetual Inventory Accounting ABC's beginning inventory is $2,000 and its ending inventory is $1,000. The inventory turnover is 6 times. Cost of goods sold for the year must equal: A) $6,000. B) $12,000. C) $18,000. D) $9,000. In January, 2018, ABC....
Customers redeemed 5,000 ABC company gift card in September. Which one is the correct journal entry? Select one or more: a. Debit Accounts Receivable, Credit Revenue b. Debit Revenue, Credit Deferred Revenue c. Debit Revenue, Credit Accounts Receivable d. Debit Deferred Revenue , Credit Revenue
CircuitTown commenced a gift card program in January 2021 and sold $11,700 of gift cards in January, $18,100 in February, and $21,650 E in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $7,500 for the January gift cards sold, $6,050 for the February cards, and $6,250 for the March cards. Circuit Town considers gift cards to be “broken” (not redeemable) E 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with...
13. Assignments and 2 Circuit Town commenced a gift card program in January 2018 and sold $10,000 of gift cards in January, $15.000 in February, and $16.000 in March of 2018 before discontinuing further in card sales. During 2018, gift card redemptions were $6,000 for the January gift cards sold, 54,500 for the February cards, and $4,000 for the March cards. Circuit Town considers gift cards to be broken not redeemable) 10 months after sale. Required: 1. How much revenue...
When shipping a product that was already paid by the customer in the previous month, the transaction should be recorded as: Select one a. a debit to unearned revenue and a credit to revenue b. a debit to cash and an credit to owner's equity c. a debit to revenue and a credit to cash O d. a debit to revenue, and credit to unearned revenue
Georgia's Salon - The salon sells $50,000 of gift cards in May 2019. These gift cards may be used anytime before their expo on May 31, 2020. 20. Refer to Georgia's Salon. Which of the following is the correct journal entry to record the sale of the g a. Cash ame 50,000 Accounts Payable 50,000 b. Cash 50,000 Unearned Sales Revenue 50,000 c. Cash 50,000 Sales Revenue 50,000 d. Cash 50,000 Prepaid Sales Revenue 50,000 21. Refer to Georgia's Salon....
Question 2 3 pts Which of the following is the correct journal entry for a sales transaction? Debit Account Payable Credit Cash Debit COGS Debit Revenue
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