NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $40 per keg; deposits are recorded in the Keg Deposits account. Exercise 7-11 (Algo) Part b - Horizontal model b-1. Use the horizontal model to show the effect of giving a keg deposit refund to a customer for one keg. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)
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Exercise 7-11 (Algo) Unearned revenues—customer deposits LO 3
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[The following information applies to the questions displayed below.]
NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $40 per keg; deposits are recorded in the Keg Deposits account.
Exercise 7-11 (Algo) Part b - Horizontal model
b-1. Use the horizontal model to show the effect of giving a keg deposit refund to a customer for one keg. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)
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- Exercise 7-11 (Algo) Unearned revenues—customer deposits LO 3 Skip to question [The following information applies to the questions displayed below.]NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $40 per keg; deposits are recorded in the Keg Deposits account. Exercise 7-11 (Algo) Part c - Horizontal model c-1. A keg use analyst who works for NightWoundsTime estimates that 430 kegs for which deposits were received during the year will never be returned. What accounting, if any, would be appropriate for the deposits associated with these kegs? Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)Required information Exercise 7-11 (Algo) Unearned revenues-customer deposits LO 3 [The following information applies to the questions displayed below.] NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $40 per keg; deposits are recorded in the Keg Deposits account. kercise 7-11 (Algo) Part b - Journal entry 2. Record the journal entry to show the effect of giving a keg deposit refund to a customer for one keg. (If no entry is quired for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the refund of keg deposits. Note: Enter debits before credits. Event General Journal Debit Credit 1Exercise 7-11 (Algo) Unearned revenues—customer deposits LO 3 Skip to question [The following information applies to the questions displayed below.]NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $40 per keg; deposits are recorded in the Keg Deposits account. Exercise 7-11 (Algo) Part b - Journal entry b-2. Record the journal entry to show the effect of giving a keg deposit refund to a customer for one keg. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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- 11:/13 Problem 2-2U S) William Company operates a customer loyalty program. T entity grants loyalty points for goods purchased. The loyalty points can be used by the customers in exchane for goods of the entity. The pointa have no expiry date. During 2020, the entity issued 100,000 award credits and expects that 80% of these award credits shall be redeemed The total stand-alone selling price of the award credita granted is reliably measured at P2,000,000. In 2020, the entity sold goods to customers for a total consideration of P8,000,000 based on stand-alone selling price. The award credits redeemed and the total award credits expected to be redeemed each year are as follows: Redeemed Expected to be redeemed 2020 2021 30,000 15,000 80% 90% 1. What is the revenue from points for 2020? 1,600,000 b. a. 1.500,000 600,000 d. 480,000 2. What is the revenue from points for 2021? a. 240,000 b. 200,000 120,000 04.29Word Problem 14-15 (Algo) [LU 14-2 (1)] From the following facts, Molly Roe has requested you to calculate the average daily balance. The customer believes the average daily balance should be $877.67. Respond to the customer's concern. Note: Round your final answer to the nearest cent. 28-day billing cycle 3/18 3/24 Billing date $ 664 Previous balance Payment $ 60 Credit 3/29 Charge: Sears 250 4/5 Payment 19 Credit 4/9 Charge: Macy's 160 Average daily balanceParts wriiten Subparts to be solve are the ones to be solved Question Requirement 1For each of the following transactions make the required entries in the General Journal:(See the General Ledger tab in the workbook Chapter 03 b - Problem 3-1 Forms for the accounts in OPJ’s accounting system.)Feb 01 Take $4,000 cash out of Big Bank to pay for February’s warehouse rent.Feb 04 Sale of inventory to a customer – selling price $62,000 – cost of inventory sold $16,000 – customer paid cash which was deposited in Big Bank.Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned.Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000 – customer will pay in the future.Feb 18 Sale of inventory to a customer – selling price $110,000 – cost of inventory sold $28,000 – customer pays $40,000 cash which is deposited in Little Bank – customer will pay for the remaining amount of the sale in 30 days.Feb 22 Purchase additional…
- Problem 6-3: The Kissagram Corporation The Kissagram Corporation produced the following summary of its Accounts Receivable on October 31, 2021: Customer Total $ Notes Aniston 9000 25% over 30-60 days; Remainder 90. Leblanc 9000 100% > 90 days outstanding. Required 1. Prepare an aged schedule of Accounts Receivable. Use the following categories: 90 days (delinquent). 2. Compute the balance for the Allowance for Doubtful accounts (rounded to the nearest $). Assume bad debt percentages for each category of 0.7%, 7%, 12% and 22%. Upon completion, enter the following data here: Allowance for Doubtful Accounts submitAccounts Receivable Subsidiary Ledger The debits and credits from two transactions are presented in the following customer account: NAME Sweet Tooth Confections Inc. ADDRESS 46 W. Main St. Date Item Post. Ref. Debit Credit Balance Aug. 1 Balance 413 Aug. 10 Invoice No. 58 CR50 124 289 Aug. 17 Invoice No. 53 R44 129 418 Select the choice that describes each transaction and the source of each posting. Date Action Invoice No. Posted From Journal page Aug. 10 Collected cash Cash receipts journal Aug. 17 Provided services on account Revenue journalKimmel, Financial Accounting, 8e • Help I System Announcements Exercise 8- Your answer is partially correct. Try again. On May 10, Whispering Winds Corp. sold merchandise for $24,000 and accepted the custormer's Best Business Bank MasterCard. MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 4% service charge for credit c Prepare the entry on Whispering Winds Corp.'s books to record the sale of merchandise. (Credit account titles are automatic- not indent manually.) Date Account Titles and Explanation Debit Credit May 10 Accounts Receivable 24000 Service Charge Expense 960 Cash 24960 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT