Question: MetroConcerts receives 2 000 000 in advance cash ticket sales for a
MetroConcerts receives $2,000,000 in advance cash ticket sales for a four-date tour for Diana Krall. Record the advance ticket sales as a lump sum as of October 31, 2014. The concerts sold out and no additional ticket sales have been recorded. Record the revenue earned for the first concert date, November 16, 2014, assuming each concert date brings in the same amount of revenue.
Answer to relevant QuestionsLister Digimatics sells $5,600 of merchandise (with a cost of $4,800) for cash on September 30. The sales tax law requires Lister to collect 13% harmonized sales tax on every dollar of merchandise sold. Record Lister’s ...On December 11, 2014, the Sydner Company borrowed $42,000 and signed a 60-day, 5.5% note payable. Calculate the accrued interest payable on December 31, 2014.The Cormorand Electronics Company shows the following selected adjusted account balances as at December 31, 2014:Accounts Payable............................................ $95,000Salaries ...Mercedes Boats borrowed $100,000 on September 15, 2014, for 45 days at 8% interest by signing a note.1. On what date will this note mature?2. How much interest expense is created by this note?3. Prepare the journal entries ...On November 10, 2014, Bordux Electronics began to buy and resell scanners for $55 each. Bordux uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to ...
Post your question