The Company recorded 660 x 74 = $48,840 in deferred revenue. This is a liability account that means they still owe the service or good which they have been paid for.
Every month, the company records an adjusting entry, recognizing one twelfth of the 48,840, 4,070, because they have earned another month of that deferred revenue by providing the magazine.
The journal entry on December 31, 2018, will be
Deferred Revenue 4,070
Revenue (4,070)
If this is the first time they've made the entry, then they will recognize earned revenue for Sep, Oct, Nov and Dec,
Deferred Revenue 16,280
Revenue (16,280)
Answer:
An advertising allowance is money that a product manufacturer or service provider pays to a retailer to get the word out about their product. ... By helping the retailer pay its advertising costs, the company's advertising allowance gives the retailer an incentive to carry that product.
Answer:
$ 13.167 / unit
Explanation:
Data provided:
Beginning material cost = $ 126,000
Number of units in work in progress = 12,000 units
Material cost assigned = $ 32,000
thus,
the total material cost involved = $ 126,000 + $ 32,000 = $ 158,000
Now,
the material cost per equivalent unit = Total material cost involved / number of units
on substituting the values, we have
the material cost per equivalent unit = $ 158,000 / 12,000
or
= $ 13.167 / unit
The entry to replenish the petty cash fund will include a credit to cash for $385.
What is petty cash fund?
When regular purchasing techniques are impractical, such as when buying office supplies or paying employees, a tiny sum of money called petty cash is utilized instead.
The entry to replenish the petty cash fund amount will include:
Fund amount : $450 - Used
Fund amount :$450 - $382 = 68
cash on hand - remaining ; $68 - $65 = $3
Used + remaining ; $382 + $65 = 385
As a result, a credit to cash for $385.
Learn more about on petty cash fund, here:
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<span>A rapid increase in the money supply may lead to a "Deflation"
Hope this helps!
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