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tatyana61 [14]
3 years ago
15

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 $19.8 million in iTunes gift cards in November, and customers redeem $12.8 million of the gift cards in December. Record the advance collection of $20 million for iTunes gift card.
Business
1 answer:
trapecia [35]3 years ago
7 0

Answer:

cash             20,000,000 debit

     unearned revenue        20,000,000 credit

Explanation:

Record the advance collection of $20 million for iTunes gift card.

When a gift card is sold, Apple Inc assume the obligation of latter provide iTunes in the near future or do  cash reimbursement therefore; this isn't revenue. It is a liability. Apple will generate revenue when the gift ard are redeem not at sale.

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If a seller facing excess demand is unable to raise the price of the good due to a price ceiling, a likely result will be:
Anuta_ua [19.1K]

A likely result will be a decrease in the quality of a product.

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A price ceiling is a legal maximum rate that one will pay for some good or carrier. A government imposes rate ceilings as a good way to preserve the price of some necessary precise or services low-cost. as an example, in 2005 at some stage after Hurricane Katrina, the price of bottled water expanded above $five according to the gallon.

A rate ceiling continues a fee from growing above a sure level (the “ceiling”), even as a fee ground continues a rate from falling underneath a given degree (the “ground”). This phase uses the call for and delivers a framework to research price ceilings. the following section discusses rate flooring.

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3 0
1 year ago
Occasionally our economy experiences an unusual combination of rising prices and high unemployment. economists have given this u
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Occasionally our economy experiences an unusual combination of rising prices and high unemployment. economists have given this unusual pairing the name stagflation.

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8 0
1 year ago
If a small electric automobile manufacturer is able to gain the social return generated by its electric motor, its demand for fi
Law Incorporation [45]

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Explanation:

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In this case, if a small electric automobile manufacturer is able to gain the social return generated by its electric motor, it would decrease the demand for financial capital which simply means that the demand for financial capital will shift to the left. This shift to the left is as a result of the gain in its social return gotten by the electric motor.

5 0
3 years ago
Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the clo
Sergeeva-Olga [200]

Answer:

Explanation:

Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.  

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The journal entries are shown below:

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d. No journal entry required

The preparation of the  bank reconciliation statement is presented in the spreadsheet. Kindly find the attachment below:  

8 0
3 years ago
When the fed sells treasury bonds on the open market, it will tend to?
Ne4ueva [31]
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7 0
2 years ago
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