A local theater company sells 1,700 season ticket packages at a price of $300 per package. The first show in the 10-show season starts this week. (a) The sale of the season tickets before the first show. (b) The revenue from fulfilling the performance obligation by putting on the first show.   Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Gordon's Grocers purchases bread from Buddy’s Bread Company at $1.45 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 20,000 loaves of Buddy's bread. Buddy offered credit to Gordon's at terms of 2/10, n/30. Buddy expects Gordon to pay within the discount period. Required: Question Content Area Prepare the journal entry to record the sale using the net method Hint: In calculating your answer, use one minus the discount rate (eg. 1 - 0.02 = .98)

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es Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $2,500. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $2,500 in gift cards sold (keeping in mind that, in actuality, the company would record each sale of a gift card individually) and the $728 in gift cards redeemed. (Hint: The $728 includes a 4% sales tax of $28.) 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet. Complete this question by entering your answers in the…

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Record journal entries for the following transactions of Piano Wholesalers. Jan. 1, 2018 Issued a $1,241,650 note to customer Arrowstar as terms of a merchandise sale. The merchandise’s cost to Piano Wholesalers is $608,000. Note contract terms included a 24-month maturity date and a 3.4% annual interest rate. Dec. 31, 2018 Piano Wholesalers records interest accumulated for 2018. Dec. 31, 2019 Piano Wholesalers converts Arrowstar’s dishonored note into account receivable. This includes accumulated interest for the 24-month period. April 12, 2020 Piano Wholesalers sells the outstanding debt from Arrowstar to a collection agency at 40% of the accounts receivable value.   Jan. 1, 2018 Notes Receivable: Arrowstar  fill in the blank 2 fill in the blank 3   Sales Revenue  fill in the blank 5 fill in the blank 6   To record sale in exchange for Notes Receivable: Arrowstar     Jan. 1, 2018 Cost of Goods Sold  fill in the blank 8 fill in the blank 9   Merchandise Inventory  fill in…

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need help with full working and steps thanks answer in text   Listed below are selected transactions of Solution Department Store for the current year ending December 31. a. On December 5, the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. b. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. c. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax. d. The store determined it will cost $100,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Solution’s estimates the fair value of the obligation at December 31 is $84,000.     Required: Prepare all the journal entries necessary to record the…

! Required information [The following information applies to the questions displayed below.] During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $28,000. On the date of delivery, January 2, the company paid $7,000 on the machine, with the balance on credit at 9 percent interest due in six months. On January 3, it paid $1,500 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,700. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,400. Required: 1. Indicate the effects of each transaction on the accounting equation. Note: Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the…

Record journal entries for the following transactions of Commissary Productions. Jan. 1, 2018 Issued a $435,530 note to customer June Solkowski as terms of a merchandise sale. The merchandise's cost to Commissary is $233,700. Note contract terms included a 36-month maturity date, and a 5% annual interest rate. Dec. 31, 2018 Commissary records interest accumulated for 2018. Dec. 31, 2019 Commissary records interest accumulated for 2019. Dec. 31, 2020 June Solkowski honors the note and pays in full with cash. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 1, 2018   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6   To record sale in exchange for Notes Receivable     Jan. 1, 2018   fill in the blank 8 fill in the blank 9     fill in the blank 11 fill in the blank 12   To record the cost of sale     Dec. 31, 2018   fill in the blank 14 fill in the blank…