FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
A ticket agency receives $40,000 cash in advance ticket sales for Haim’s upcoming four-date tour.
Record the advance ticket sales on April 30. Record the revenue earned for the first concert date of
May 15, assuming it represents one-fourth of the advance ticket sales.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Sawchuk's Home and Garden Centre in Toronto files monthly HST returns. The purchases on which it paid the HST and the sales on which it collected the HST for the last four months were as follows: (assume HST in Toronto is 13%) Month Purchases ($) Sales ($) May 176,730 313,245 Based on an HST rate of 13%, calculate the HST remittance or refund due for each month Calculate the difference between GST Collected on Sales and GST Paid on Purchases?arrow_forwardThe Woodson Theater sells season theater tickets for $300 each. Each ticket entitles the customer to attend 5 plays. The first play will be in December. On December 1, 20X1, 400 season tickets were sold for $300 each in cash.During December, the first play out of the five was shown. The remaining plays will be shown next year.Required: Assuming all journal entries and adjusting entries have been made in 20X1, answer the following two questions. Note: Do not use decimals or cents in your response. Question #1: What should be the amount of "Ticket Revenue" the theater reports on its income statement for 20X1? Answer: Question #2: What should be the "Deferred Ticket Revenue" balance reported on the balance sheet at 12/31/X1? Answer:arrow_forwardBruce Wayne borrowed $14 300.00 for investment purposes on May 19, on a demand note providing for a variable rate of interest and payment of any accrued interest on December 31. He paid $1,300.00 on June 28, $1,450 on September 25, and $4,200.00 on November 15. How much is the final payment on December 31 if the rate of interest was 11.5% on May 19; 8.21% effective August 1; and 6.35% effective November 1? Payment Date Payment Interest Cost Principal Portion Outstanding Balance 19-May 14300 28-Jun 1300 0 1300 13000 25-Sep 1450 0 1450 11550 15-Nov 4200 0 4200 7350 31-Dec 7350 0 7350 0 Interest Calculation Dates Days Time = Days/365 R (rate of interest) Interest cost First Interest Payment May 19 to June 28 Second Interest Payment June 29 to July 31 Aug 1 to Sept 25 Total Interest Payment 0 Third Interest Payment Sept 26…arrow_forward
- You work for XYZ Ltd. It sells gift cards. For the month of June 2023, total gift card sales were $10,000. 30% of gift cards were used during the month of July. What are the entries in June and July?arrow_forwardMerchandise purchases were $43,000 and $76,000 for September and October, respectively. Typically, 20% of total purchases are paid for in the month of purchase with a 5% cash discount. The balance of purchases is paid for (without discount) in the following month.arrow_forwardTicketsales, Incorporated, receives $7,720,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Incorporated initially records prepaid and unearned items in balance sheet accounts. journal entry worksheet Record the cash receipt in advance of concerts. Record the concert revenues earned.arrow_forward
- At Inner City Health Care, the total account receivable at the end of May is $100,00 and the monthly receipts total is 75.000, the total accounts receivable ath the end of june is 82.000 and the monthly receipts total is $31.000, the totat accounts receivable at the end of july is $86,000 and the monthly receipts total $20,000; the total accounts receivable at the end of August is $93,000 an the monthly receipts total is $45,000. What is the account receivable ratio for each month? Show your calculations in the space provided. Which month has the healthiest accounts receivable ratio? Why?arrow_forwardTicketsales, Incorporated, receives $5,360,000 cash in advance ticket sales for a four-date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert date of November 5, assuming it represents one-fourth of the advance ticket sales. Ticketsales, Incorporated initially records prepaid and unearned items in balance sheet accounts. View transaction list Journal entry worksheet 1 2 Record the cash receipt in advance of concerts. Note: Enter debits before credits. Date October 31 General Journal Debit Credit >arrow_forwardBlue, Inc., sells playground equipment to schools and municipalities. It mails invoices at the end of each month for all goods shipped during that month; credit terms are net 30 days. Sales and accounts receivable data for 20X1, 20X2, and 20X3 follow: Years Ending December 31, 20X1 20X2 20X3 Sales $ 1,785,980 $ 1,839,559 $ 1,986,724 Accounts receivable at year-end 220,189 227,896 267,094 Required: Calculate the rates of increase in sales and in receivables during 20X2 and 20X3. (Do not round intermediate calculations. Round "Sales grew" answers to the nearest whole percent and "Receivables grew" answers to 1 decimal place.) Do your calculations indicate any potential problems with Blue’s receivables?arrow_forward
- Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $2,900. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $520 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 $2,900 in gift cards sold (keeping in mind that, in actuality, the company would record each sale of a gift card individually) and the $520 in gift cards redeemed. (Hint. The $520 includes a 4% sales tax of $20.) 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet.arrow_forwardSanjuarrow_forwardrrarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education