Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 8, Problem 8.19BE
Percentage-of-Completion Method,
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Dr.
Cr.
Jan 1, 2024:
Prepare the necessary journal entries at the following dates for Pelican Inc.
LA
S
Instructions:
1. Based on the information provided below, please calculate the total accrual needed at the end of Q1-2022 (3/31/2022) by vendor.
2. Round the total accrual to the nearest 10.
3. Utilizing the rounded total accrual amount, and the provided information, show what journal entry(s) should be posted at the end of Q1-2022.
4. Format/change/improve this tab however you like to make it easier to understand.
This is a list of all invoices received and paid related to Q1 for the respective vendors:
Invoice/Start Date Vendor
Invoice Number Amount
2/1/2021 California Roofing 3AD24DF982D
1/1/2022 Hot Cakes LLC
1/6/2022 Jammer Joes Pools D48F5A4D8
1/10/2022 Else's Hammer Sho
1/19/2022 Washmart Co
2/4/2022 Hot Cakes LLC
2/5/2022 ABC Plumbing
2/16/2022 Else's Hammer Sho
3/17/2022 Spooner forks Inc UUTTRSFS
3/19/2022 Else's Hammer Sho
Washmart Co
California Roofing
Jammer Joes Pools
Spooner forks Inc
Total Accrual
2. Rounded Total
3. JE(s) needed at 3/31/2022:
Account Type
Debit
Expense…
3. Prepare the journal entries to record the two expenditures during 2019. (If no entry is required for a transaction/event, select "
journal entry required" in the first account field.)
View transaction list
Chapter 8 Solutions
Intermediate Accounting (2nd Edition)
Ch. 8 - What are the primary issues involved in revenue...Ch. 8 - What is the fundamental principle underlying the...Ch. 8 - What is the fundamental principle underlying the...Ch. 8 - Prob. 8.4QCh. 8 - Prob. 8.5QCh. 8 - How is a performance obligation defined?Ch. 8 - What are the two criteria to define a good or...Ch. 8 - Prob. 8.8QCh. 8 - What principles regarding timing and measurement...Ch. 8 - Prob. 8.10Q
Ch. 8 - What is variable consideration and what factors...Ch. 8 - Describe and contrast the two approaches used to...Ch. 8 - Prob. 8.13QCh. 8 - What factors should accountants consider to...Ch. 8 - Prob. 8.15QCh. 8 - How does a seller account for any consideration...Ch. 8 - Prob. 8.17QCh. 8 - What are the two exceptions to the general rule...Ch. 8 - What are the three criteria required to recognize...Ch. 8 - When an entity does not meet the three criteria...Ch. 8 - Prob. 8.21QCh. 8 - Prob. 8.22QCh. 8 - How does a firm estimate the degree completed...Ch. 8 - Can a firm record inventory out on consignment as...Ch. 8 - What method do agents in a transaction use to...Ch. 8 - Prob. 8.26QCh. 8 - What qualitative disclosures do the standards...Ch. 8 - All of the following are elements of a contract...Ch. 8 - Prob. 8.2MCCh. 8 - Telecom Co. enters into a two-year contract with a...Ch. 8 - The transaction price must reflect the time value...Ch. 8 - Prob. 8.5MCCh. 8 - When allocating the transaction price to separate...Ch. 8 - Which of the following indicators is not...Ch. 8 - During Yoar 1 Moriwothor Construction Company...Ch. 8 - All of the following are indicators that the...Ch. 8 - Prob. 8.10MCCh. 8 - Prob. 8.11MCCh. 8 - Identify a Contract with a Customer. Complete the...Ch. 8 - Prob. 8.2BECh. 8 - Identifying Performance Obligations. Perfect Party...Ch. 8 - Identifying Performance Obligations. Perfect Party...Ch. 8 - Estimating Variable Consideration. Gear Garage...Ch. 8 - Estimating Variable Consideration. Using the...Ch. 8 - Estimating Variable Consideration. Sellet...Ch. 8 - Estimating Variable Consideration. Seliet...Ch. 8 - Prob. 8.9BECh. 8 - Allocation of Transaction Price. Martin Software...Ch. 8 - Prob. 8.11BECh. 8 - Allocation of Transaction Price. Sycamore Sidewalk...Ch. 8 - Allocation of Transaction Price. Sycamore enters...Ch. 8 - Prob. 8.14BECh. 8 - Allocation of Transaction Price. Using the...Ch. 8 - When to Recognize Revenue. For each scenario...Ch. 8 - Prob. 8.17BECh. 8 - Prob. 8.18BECh. 8 - Percentage-of-Completion Method, Journal Entries....Ch. 8 - Prob. 8.20BECh. 8 - Sales with the Right of Return. Both incorporated...Ch. 8 - Sales with the Right of Return. Using the...Ch. 8 - Sales Returns. Historically, about 5% or the...Ch. 8 - Sales on Consignment. Hanna Lighting recertify...Ch. 8 - Determining Performance Obligations. Pagit Inc, a...Ch. 8 - Prob. 8.2ECh. 8 - Estimating Variable Consideration. King Rat Pest...Ch. 8 - Prob. 8.4ECh. 8 - Prob. 8.5ECh. 8 - Prob. 8.6ECh. 8 - Allocation of Variable Consideration. Green-Up Inc...Ch. 8 - Allocation of Variable Consideration. Green-Up Inc...Ch. 8 - Prob. 8.9ECh. 8 - Prob. 8.10ECh. 8 - Determination of When to Recognize Revenue. Far...Ch. 8 - Prob. 8.12ECh. 8 - Percentage-of-Completion Method. Gary Construction...Ch. 8 - Prob. 8.14ECh. 8 - Prob. 8.15ECh. 8 - Prob. 8.16ECh. 8 - Sales with the Right of Return. Webster Hall, Inc....Ch. 8 - Prob. 8.18ECh. 8 - Prob. 8.19ECh. 8 - Other Principal Agent Transactions, Net Revenue...Ch. 8 - Prob. 8.1PCh. 8 - Prob. 8.2PCh. 8 - Comprehensive Revenue Recognition Problem. Casale...Ch. 8 - Prob. 8.4PCh. 8 - Determining When to Recognize Revenue. Megrew...Ch. 8 - Prob. 8.6PCh. 8 - Prob. 8.7PCh. 8 - Prob. 8.8PCh. 8 - Percentage-of-Completion Method. R Wayne Computer...Ch. 8 - Prob. 8.10PCh. 8 - Prob. 8.11PCh. 8 - Sales on Consignment. Pablo Products. Ltd sells...Ch. 8 - Prob. 1JCCh. 8 - Prob. 1FSCCh. 8 - Prob. 1SSCCh. 8 - Basis for Conclusions Case 1: Control According to...
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