Oriole Dinner Box Inc. is a catering company that sells meal kits that its customers can take home and quickly prepare. The company sells its meal kits at local grocery stores and has recently begun to offer a monthly subscription service, which delivers meal kits to the customer's home. Single meal kits can be purchased at grocery stores. Approximately 10% of the kits shipped to grocery stores each month are returned unsold and are then discarded. Oriole charges the grocery stores $15 for each meal kit. In December 2024, Oriole began selling three- month subscriptions for $900. Subscriptions are paid in advance and are non-cancellable. Oriole sold 840 subscriptions on December 1,2024, which entitle the subscriber to 15 meal kits each month beginning in December 2024. During December, 4,620 meal kits were sold, on account, to grocery stores and all required subscriber meals were delivered. Grocery stores have 30-day terms of payment with Oriole. (a1) Your answer is correct. Determine how much revenue Oriole Dinner Box would be able to recognize in December 2024. Revenue recognized in December 2024 (Sales by subscription) Revenue recognized in December 2024 (Sales at grocery stores) $ (b) eTextbook and Media List of Accounts Using multiple attempts will impact your score. 15% score reduction after attempt 2 $ Date Account Titles and Explanation 252000 62370 Based on your analysis in part (a), prepare the required journal entries for the contract. Oriole records adjusting journal entries monthly. Ignore any related costs to prepare the meal kits. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Attempts: 1 of 3 used Debit Credit
Oriole Dinner Box Inc. is a catering company that sells meal kits that its customers can take home and quickly prepare. The company sells its meal kits at local grocery stores and has recently begun to offer a monthly subscription service, which delivers meal kits to the customer's home. Single meal kits can be purchased at grocery stores. Approximately 10% of the kits shipped to grocery stores each month are returned unsold and are then discarded. Oriole charges the grocery stores $15 for each meal kit. In December 2024, Oriole began selling three- month subscriptions for $900. Subscriptions are paid in advance and are non-cancellable. Oriole sold 840 subscriptions on December 1,2024, which entitle the subscriber to 15 meal kits each month beginning in December 2024. During December, 4,620 meal kits were sold, on account, to grocery stores and all required subscriber meals were delivered. Grocery stores have 30-day terms of payment with Oriole. (a1) Your answer is correct. Determine how much revenue Oriole Dinner Box would be able to recognize in December 2024. Revenue recognized in December 2024 (Sales by subscription) Revenue recognized in December 2024 (Sales at grocery stores) $ (b) eTextbook and Media List of Accounts Using multiple attempts will impact your score. 15% score reduction after attempt 2 $ Date Account Titles and Explanation 252000 62370 Based on your analysis in part (a), prepare the required journal entries for the contract. Oriole records adjusting journal entries monthly. Ignore any related costs to prepare the meal kits. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Attempts: 1 of 3 used Debit Credit
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 1RP
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Question
Transcribed Image Text:Oriole Dinner Box Inc. is a catering company that sells meal kits that its customers can take home and quickly prepare. The company
sells its meal kits at local grocery stores and has recently begun to offer a monthly subscription service, which delivers meal kits to the
customer's home.
Single meal kits can be purchased at grocery stores. Approximately 10% of the kits shipped to grocery stores each month are returned
unsold and are then discarded. Oriole charges the grocery stores $15 for each meal kit. In December 2024, Oriole began selling three-
month subscriptions for $900. Subscriptions are paid in advance and are non-cancellable. Oriole sold 840 subscriptions on December
1,2024, which entitle the subscriber to 15 meal kits each month beginning in December 2024. During December, 4,620 meal kits
were sold, on account, to grocery stores and all required subscriber meals were delivered. Grocery stores have 30-day terms of
payment with Oriole.
(a1)
Your answer is correct.
Determine how much revenue Oriole Dinner Box would be able to recognize in December 2024.
Revenue recognized in December 2024 (Sales by subscription)
Revenue recognized in December 2024 (Sales at grocery stores) $
(b)
eTextbook and Media
List of Accounts
Using multiple attempts will impact your score.
15% score reduction after attempt 2
Date
252000
Account Titles and Explanation
62370
Based on your analysis in part (a), prepare the required journal entries for the contract. Oriole records adjusting journal entries
monthly. Ignore any related costs to prepare the meal kits. (Credit account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries
before credit entries. Record journal entries in the order presented in the problem.)
Attempts: 1 of 3 used
Debit
Credit
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