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Aneli [31]
3 years ago
10

On October 1, 2021, a company sells $800 of gift cards to customers. The gift cards expire one year from the date of sale. By Oc

tober 1, 2022, $750 of the gift cards have been redeemed and the sales recorded at the time of redemption. What entry, if any, should the company record on October 1, 2022?
A) Debit Sales Revenue, S50; credit Cash, S50.
B) Debit Cash, $750; credit Sales Revenue, $750.
C) Debit Deferred Revenue, S50; credit Sales Revenue, $50.
D) No journal entry is necessary.
Business
1 answer:
kirza4 [7]3 years ago
7 0

D) No journal entry is necessary

Explanation:    

A company sells $800 of gift cards to customers on October 1, 2021, and

The gift cards expires in one year from the date of sale., that is September 30,2021., All accounding entries related to the gift card should be entered with in the period of one year., so., On October 1, 2022 .,No journal entry is necessary

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A company fails to record one storeroom full of inventory in its year-end inventory records. as a result, this will cause:
kirza4 [7]
They will think they don't have enough invintory and order more and will have no room to store the knew orders
3 0
3 years ago
The settlement date between the options clearing coporation and the clearing firm for otpions transactions is?
daser333 [38]

The settlement date between the Options Clearing Corporation and a clearing member is one business  from the trade date for options transactions.

What do you mean of trade?

Trade means  to the  exchange of goods or services between economic sectors. Though transactions are consensual, trade is generally recognize to profit  both parties. In finance, trading generally means  to the purchase and sale of securities or other assets.

How trade is important?

Trade is central to ending global poverty. Countries that are open to international trade tend to grow better, innovate, enhance productivity and provide higher income and more opportunities to their people. Open trade also provide lower-income households by providing consumers more affordable goods and services.

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8 0
2 years ago
Richardson Supply's $3.9 million cost of inventory at the end of last year was understated by $1.2 million.
Triss [41]

Answer:

Part a. Was last year's reported gross profit of $2.9 million overstated, understated, or correct? What was the correct amount of gross profit last year?

Gross Profit was Understated by $1.2 million

Correct Gross Profit is $4.1 million

Part b. Is this year's gross profit of $3.6 million overstated, understated, or correct? What is the correct amount of gross profit for the current year?

Gross Profit is Overstated by $1.2 million

Correct Gross Profit is $2.4 million

Part c. Was last year's reported cost of goods sold of $5.4 million overstated, understated, or correct? What was the correct amount of cost of goods sold last year?

Cost of Goods Sold was Overstated by 1.2 million

Correct Cost of Goods Sold is $4.2 million

Part d. Is this year's cost of goods sold of $5.7 million overstated, understated, or correct? What is the correct amount of cost of goods sold for this year?

Cost of Goods Sold was Understated by 1.2 million

Correct Cost of Goods Sold is $6.9 million

Explanation:

Closing Inventory Reduce the Cost of Sales at the end of the year.It is Transferred to the Statement of Financial Position to depict a resource controlled by the entity from which economic benefit is expected to flow in the entity - Asset.

Opening Inventory Increase the cost of Sales because it presents a depletion of Assets of Inventory.

Cost of Sales and Gross Profit have an Inverse Relationship.

6 0
3 years ago
Carter Motor Company, claims that its new sedan, the Libra, will average better than 23 miles per gallon in the city. Assuming t
aliina [53]

Answer: c. There is sufficient evidence to support the claim that the mean is greater than 23 miles per gallon.

Explanation:

When doing a research, there are 2 Hypothesis one must come up with which are the Null Hypothesis and the Alternative hypothesis.

The Null Hypothesis should state that there is no relationship between the variables which in this case would mean that new sedan, the Libra, will <em>not</em> average better than 23 miles per gallon in the city.

The Alternative Hypothesis on the other hand affirms the belief of the researcher which in this case is that new sedan, the Libra, <em>will </em>average better than 23 miles per gallon in the city.

As the null hypothesis was rejected by the evidence, it means that indeed the Libra mean is greater than 23 miles per gallon.

5 0
3 years ago
Which of the following statements best describes accounting for a partnership?
svetlana [45]

Answer:

B. A partnership may use federal income tax rules to account for transactions in their journals and ledger accounts.

Explanation:

There is a lot of difference in accounting of normal partnership firms and that of non profit organisations.

Simply a partnership firm cannot be formed as a non profit entity.

A partnership can use any federal laws in compliance and do accounting entries in accordance with them.

The partnership equity section only contains partner's capital account as there are no retained earnings section.

Partnership's do not pay dividend, and if it does it is not limited to money.

7 0
3 years ago
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