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Citrus2011 [14]
3 years ago
14

Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, an

d $50 increments. Assume Apple sells $19.7 million in iTunes gift cards in December, and customers redeem $12.7 million of the gift cards.
Record the necessary entries in the Journal Entry Worksheet below.
Record the receipt of cash for gift cards.
Record the revenue earned from redemption of gift cards.
a. What is the ending balance in the unearned revenue account?
Business
2 answers:
vova2212 [387]3 years ago
5 0

Answer: The ending balance in the unearned revenue account is $7 millions

Explanation:

The entry in the cash receipt journal will be

Dr : cash sales $19.7 million

Cr: Account receivable $12.7million

The unearned revenue account will be

Dr : cash sales 19.7million

Cr : Account receivable 12.7million

The balance c/d as at 31st December will be a credit balance of $7million

Therefore the ending balance in the unearned revenue account is $7million

fgiga [73]3 years ago
4 0

Answer:

Explanation: Journal Entries

Debit: Cash. $19.7m

Credit: Unearned Revenue $19.7m

Being sales of gift card for the month of December.

Debit: Unearned Revenue. $12.7m

Credit: Sales. $12.7m

Being actual gift card redeemed for the month if December.

Unearned Revenue a/c has a credit bal of $7m as unredeemed gift card. Its a liability to the company as they have the money but the cards are yet to be redeemed.

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Zinaida [17]

The student loan debt has the highest consumer debt balance.

Below is an explanation about student loan debt.

<h3>What is Student Loan debt</h3>

Student debt is a type of debt that is owed by a current student, a formerly withdrawn student or graduated student to a lending institution, or to a financial institution

This type of loan has the highest consumer debt balance.

Lean more about types of debt at brainly.com/question/2754850

4 0
2 years ago
Calligraph Publishing Company has created a system for storing every piece of data about every one of its books, both those that
igomit [66]

Answer:

knowledge management                                

Explanation:

Knowledge management relates to the mechanism by which an organization's knowledge and information is developed, exchanged, used and controlled. This refers to a multidisciplinary approach by making the best use through knowledge to attain organisational goals.

Knowledge management activities usually focus on institutional priorities like better performance, competitive edge, creativity, experiences gained exchange, alignment and institutional quality improvement.

7 0
3 years ago
Getting a credit card math quiz question 3 of 5: you have a balance of $4,000 on your credit card with a 12% interest rate (1% p
Yuliya22 [10]
I was stuck on the same question. When I find out I’ll tell you immediately!!!
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3 years ago
Read 2 more answers
It costs Bonita Industries $12 of variable and $5 of fixed costs to produce one bathroom scale which normally sells for $35. A f
Serga [27]

Answer:

There will be an increase of $6,200 , If the special order is accepted

Explanation:

For computing the net income effect first we have to find out the net income per scale which is a difference between offer purchase price and variable cost per unit

In mathematically,

Net income = Offer purchase price - variable cost per unit

where,

Offer purchase price is $35

And, the variable cost is $12 per unit plus it incur special shipping charges which is also a part of the variable cost.

So, total variable cost = variable cost per unit + Special shipping charges per scale

=  $12 + $1

= $13

So, Net income is

= $15 - $13

= $2 per unit

Now for producing the 3100 scales, the net income should be multiply with the production unit

= Net income × Production unit

= 3,100 × 2

= $6,200

Fixed cost is fixed whether the production level changes or not. Thus, it is not be considered.

Hence, there will be an increase of $6,200 , If the special order is accepted

6 0
3 years ago
Suppose you own a stock that you believe will produce a return of 13% in a good economy and 4% in a poor economy. Given the prob
agasfer [191]

Answer:

The correct answer is letter "B": Expected return.

Explanation:

Expected return is the return an investor expects from an investment given the investment's historical return or probable rates of return under different scenarios. To determine expected returns based on historical data, an investor simply calculates an average of the investment's historical return percentages and then, uses that average as the expected return for the next investment period.

In the example, the expected return would be:

<em>Expected return </em><em>= (return in a good economy + return in a poor economy)/2</em>

<em>Expected return </em><em>= (13% + 4%)/2</em>

<em>Expected return </em><em>= </em><em>8,5%</em>

7 0
3 years ago
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