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inn [45]
2 years ago
12

Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2021, Vail sells gift cards (lift passes

) for $100,000. The gift cards are redeemable for one day of skiing during the upcoming winter season. The gift cards expire on April 1, 2022. Customers redeem gift cards of $20,000 in December, $30,000 in January, $25,000 in February, and $15,000 in March.
1. Record the sale of gift cards on October 1, 2021.2. Record the redemption of gift cards as of December 31, 2021.3.Record the redemption of gift cards in 2022 by preparing a summary entry as of March 31, 2022.4.Record the redemption of gift cards in 2022 by preparing a summary entry as of March 31, 2022.
Business
1 answer:
aliya0001 [1]2 years ago
7 0

Answer:

Vail Journal entries

Oct 1,2021

Dr Cash 100,000

Cr Deferred Revenue 100,000

December 31,2021

Dr Deferred Revenue 20,000

Cr Sales Revenue 20,000

January 2022

Dr Deferred Revenue 30,000

Cr Sales Revenue 30,000

February 2022

Dr Deferred Revenue 25,000

Cr Sales Revenue 25,000

March 2022

Dr Deferred Revenue 15,000

Cr Sales Revenue 15,000

Explanation:

Deferred revenue are can be seen as the amount of money which is been earned for good and service which are yet to be delivered which is why it is often recorded as a liability until the delivery of good and service has taken place in which it will then be converted into revenue or asset.

Sales revenue can be seen income which is been received by a company or organisation for service rendered.

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Innovation , Creativity and Eye Catching and is the best way by which Divergence can be achieved.

Explanation:

1. Innovation- by understanding the new trends and customs in the market one have more diversified advertisement.

2. Creativity- More the creativity of the person , more audience can be targeted.

3. Eye Catching- Advertisement should be pleasing to attract the potential customers.

Example - "Apple" Its produced have been famous worldwide because of its innovation and creativity that sets it apart from the other competitors.

6 0
2 years ago
On January 23, Marco Company sold inventory costing $23,000 to customers on account for a price of $44,000. Which ONE of the fol
ohaa [14]

Answer:

e. DEBIT to Accounts Receivable $44,000

Explanation:

The accrual journal entry to record the sale involves a debit to the accounts receivable account and a credit to sales revenue;  

 

Income 44000

Costing 23000

 

e. DEBIT to Accounts Receivable $44,000  

7 0
2 years ago
As operations manager, you are concerned about being able to meet sales requirements in the coming months. You have just been gi
Dominik [7]

Answer: 2.36

Explanation: Hours per machine * # of machines

325 * 3 = 975

Units produced/ Machine Hour

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8 0
2 years ago
Patrick Rach International issued 5% bonds convertible into shares of the company's common stock. Rach applies U.S. GAAP. Upon i
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Answer:

The correct answer is letter "B": The proceeds of the bond issue entirely as debt.

Explanation:

Under the U.S. General Accepted Accounting Principles (<em>GAAP</em>) the issuance costs of bonds are ignored for reporting purposes but the amount of sales revenues is recorded as debt. The amortization of the bond can be calculated using the <em>effective interest method</em> or the <em>straight-line method</em>.

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2 years ago
"Higher level professions require indepth knowledge, good skill, and special training." Explain this statement with examples.
Greeley [361]

Answer:

True.

Explanation:

Higher level professions are professions occupied by professionals who think strategically and carry out their duties by adhering to the ethical standards that governs their profession. Examples are medical practitioners, engineering, accountant and pilot. All these requires in-depth knowledge , good skill and special training because of the technical nature of the profession.

Having a degree is not enough to deliver on these professions because of their complexities. These professionals must adhere to the ethical standard that governs their profession and also hold themselves out of having the required training, knowledge and experience .

Take for instance a pilot who controls a plane. Asides having the required education, he would undergo special trainings on how to fly planes. He must also have the skills and experience of flying before being certified to fly people because of the risky nature of the profession.

The above example also applies to a doctor. He would undergo trainings depending on his area of specialization and must have knowledge before being certified to work as a doctor. The reason is that he is dealing with lives hence must possess the the required skills and experience.

8 0
2 years ago
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