FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- On May 3, 2019, PB&J Cafe paid $2,300 for its rent to Main Street Holdings, LLC
- On May 10, 2019, PB&J Cafe made a cash sale for $32.49.
- On May 12, 2019, PB&J Cafe paid $392 for an order of from The Peanut Gallery
How should Reha record these entries in the general ledger for each transaction? Explain why it's important for the general ledger to contain all the transactions in the general journal. Your answer should be at least 100 words.
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- During December 2020, Apartment Publishing sold 3,180 12-month annual magazine subscriptions at a rate of $20 each. The first issues were mailed in February 2021. Prepare the entries on Apartment’s books to record the sale of the subscriptions and the mailing of the first issues. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)arrow_forwardPLEASE ANSWER IT ALL AND I WILL RATE AS HELPFUL. THANK YOU! Dynasty Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Dynasty Company recognizes the unearned revenue as realized. Information for 2019 is as follows: Unearned Revenue, January 1, 2019 P650,000; Gift certificates sold P2,250,000; Gift certificates redeemed P1,950,000; Gift certificates unredeemed for a long time P100,000; Cost of Goods Sold 60%. What amount should be reported as Unearned Revenue on December 31, 2019, following the ruling by the Department of Trade and Industry that gift certificates no longer have an expiration period? Long Live Company entered into a lease agreement for the use of a new machine on January 1, 2020. The lease agreement requires an annual payment of P1,500,000 for five years starting December 31, 2020. Long Live guaranteed a residual value of P711,090 at the end of the contract. The machine will revert to the lessor at the end of five years.…arrow_forwardH&R Wholesalers is a retailer providing low cost, bulk items to small companies. Companies must pay an annual membership fee of $100 to access H&R's warehouses. H&R received yearly membership fees from 420 companies on August 1, 2019. At December 31, 2019, calculate the remaining amount of Unearned Revenue and the account balance of the Revenue account. Round amounts to the nearest dollar. Unearned revenue $fill in the blank 1 Revenuearrow_forward
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