Sport Pro Magazine Ltd. sold 12,000 annual subscriptions on August 1, 2011, for $18 each. Prepare Sport Pro’s August 1, 2011 transaction entry and the December 31, 2011 annual adjusting entry.
Answer to relevant QuestionsRefer to the data for Roley Corporation in BE13-1. Assuming that Roley instead uses the net approach in accounting for its purchases, prepare all necessary journal entries for Roley. IN BE On July 1, Roley purchased $60,000 ...Lawton & Border Inc. is involved in a lawsuit at December 31, 2011. Under existing IFRS standards in IAS 37, (a) Prepare the December 31 entry assuming it is probable (and very likely) that Lawton & Border will be liable ...DeGroot Limited conducts all its business in a province that has an 8% sales tax as well as the 5% GST, and both taxes are applied on the value of the product or service that is sold. Assume that all of DeGroot’s sales ...Winslow Corporation sold 150 colour laser copiers in 2011 for $4,000 each, including a one-year warranty. Maintenance on each machine during the warranty period aver ages $300. Instructions (a) Prepare entries to record the ...Four independent situations follow. Situation 1: During 2011, Sugarpost Inc. became involved in a tax dispute with the CRA. Sugarpost's lawyers have informed management that Sugarpost will likely lose this dispute. They ...
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