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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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Answer:

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Replacing the values that we have:

1 = 0.98*a + 0.02(a-42) = 0.98a +0.02a -0.84

And solving for a we got:

1.84 = a

So then the premium value for the insurance on this case should be 1840 dollars.

Explanation:

For this case we can define the random variable X as the gain ( in thousand of dollars) of insurance company

We assume that the premium clase charge and amount of a to the company and we know from the info given that:

p(X=a) = 1-0.02 = 0.98

p(X = a-42) = 0.02

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The expected value of a random variable X is the n-th moment about zero of a probability density function f(x) if X is continuous, or the weighted average for a discrete probability distribution, if X is discrete.

And using the definition for a discrete random variable we know that :

E(X) =\sum_{i=1}^n X_i P(X_i)

Replacing the values that we have:

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And solving for a we got:

1.84 = a

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5 0
3 years ago
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sergij07 [2.7K]

THE ANSWER WOULD BE FALSE IVE TRIED TRUE AND IT WAS WRONG!

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3 years ago
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hodyreva [135]

Answer:

Simple. When you listen, you put an effort in to it. It is a conscious mental process where you direct you will power. Whereas hearing is all about you being NOT deaf (haha!) more technically Hearing means the ability to perceive sounds. Often, this is an unconscious mental process.

Explanation:

As we understood in the answer, there are two types of mental activities. Conscious and Unconscious. Conscious ones are those you put an effort to, like reading a book, studying, playing a video game, etc. Listening is like this. your attention and focus is on during listening!

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