igh School for $2100 worth of custom printed bats to be produced in December. On November 30, Grouper Middle School retur om either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet as of Nove
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- Ayayai sells softball equipment. On November 14, they shipped $4200 worth of softball uniforms to Martinez Middle School, terms 2/10, n/30. On November 21, they received an order from Douglas High School for $2300 worth of custom printed bats to be produced in December. On November 30, Martinez Middle School returned $500 of defective merchandise. Ayayai has received no payments from either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet as of November 30?CircuitTown commenced a gift card program in January 2018 and sold $10,000 of gift cards in January, $15,000in February, and $16,000 in March 2018 before discontinuing further gift card sales. During 2018, gift cardredemptions were $6,000 for the January gift cards sold, $4,500 for the February cards, and $4,000 for the Marchcards. CircuitTown considers gift cards to be “broken” (not redeemable) 10 months after sale.Required:1. How much revenue will CircuitTown recognize with respect to January gift card sales during 2018?2. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), andbreakage (expiration) of gift cards.3. How much revenue will CircuitTown recognize with respect to March gift card sales during 2018?4. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December31, 2018?On December 1, 2019, AwakcAllNight Inc. sells 5,000 super caffeinated candy bars to Campus Grocers. The candy bars sell for 3 per bar. In addition, AwakcAllNight pays Campus Grocers a 900placement fee to ensure that its candy bars are always stocked prominently by the cash register. The 900 is paid at the end of each month based on the results of random inspections of Campus Grocers by AwakcAllNight to ensure that the terms of the contract are being followed. Required: 1. Determine the transaction price for Awake AllNights revenue contract. 2. Prepare AwakeAllNights journal entries to recognize sales revenue and pay Campus Grocers the placement fee.
- On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 67 televisions at a cost of $150 each. Century received a 15/7/4 chain discount Shipping terms were FOB shipping point. ACME prepaid the $127 freight. Terms were 2/10 EOM. When Century received the goods, 2 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $195 partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes. (Do not round intermediate calculations. Round your answer to the nearest cent.) Answer is complete but not entirely correct. Final payment 7,406 29 XDS Unlimited has the following transactions during August. August 6 Purchases 70 handheld game devices on account from GameGirl, Inc., for $200 each, terms 1/10, n/60. August 7 Pays $400 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl six game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 50 game devices purchased on August 6 for $220 each to customers on account. The total cost of the 50 game devices sold is $10,212.50. Required: Record the transactions of DS Unlimited, assuming the company uses a perpetual inventory system.PWT Inc. sells gift cards valued at $500,000 during December. Based on experience, PWT estimates that 30% of the gift cards will not be redeemed. Which of the following statements is true regarding accounting for this breakage? Select one: a. Estimated breakage revenue is recorded at the time of the sale. b. The liability for the gift cards is not adjusted for breakage. c. Unearned Gift Card Revenue related to the breakage is reported as a long-term liability. d. Estimated breakage revenue is recognized in proportion to gift card redemptions.
- On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 54 televisions at a cost of $148 each. Century received a 15/3/3 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $99 freight. Terms were 410 EOM. When Century received the goods, 4 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $265 partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes. Note: Do not round intermediate calculations. Round your answer to the nearest cent.On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 63 televisions at a cost of $135 each. Century received a 10/5/2 chain discount. Shipping terms were FOB shipping point. ACME prepaid the 4 $83 freight. Terms were EOM. When Century received the goods, 3 sets were defective. Century returned these 10 sets to ACME. On April 8, Century sent a $235 partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Final paymentOn March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 67 televisions at a cost of $150 each. Century received a 15/7/4 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $127 freight. Terms were 2/10 EOM. When Century received the goods, 2 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $195 partial payment. Century will pay the balance on May 6. What is Century’s final payment on May 6? Assume no taxes. (Do not round intermediate calculations. Round your answer to the nearest cent.)
- On March 10, Sugimoto Household Goods sells 2,000 boxes of toothpaste to Wong DDS for $6,000. Sugimoto's cost is $1 per box. Payment terms are 1/5, n/30. Shipping terms are FOB Destination. On March 14 Wong realizes that the toothpaste they received does not have the Disney characters on the packaging. They specifically ordered the Disney characters for their pediatric patients. Wong contacts Sugimoto, who agrees to give them a $800 allowance. Wong agrees to keep the toothpaste to give away to their adult patients. Prepare the journal entry for Wong to record the allowance. DR: CR: Prepare the journal entry for Sugimoto to record the allowance. D DR: CR: THEN ME GEMEE Frista MBlue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19 per gallon to Blue Barns. Terms of the sale are 2/15, n/45, invoice dated July 6. The customer pays their account in full on July 24. On July 28, the customer discovers 17 gallons are the wrong color and returns the paint for a full cash refund. Blue Barns returns the gallons to their inventory at the original cost per gallon. Record the journal entries to recognize these transactions for Blue Barns.Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.