Determine all the journal entries for program

Assignment Help Financial Accounting
Reference no: EM133327611

Case: An organization sells items. It offers its customers the option to collect points. For every $30 that is spent, they collect 8 points. For every 70 points, the customers can get a gift that costs the organization $20 and has a retail price of $40.

Information for the year 2023: Total Sales is $3,000,000. The percentage of points expected to be reclaimed is 80%. The number of gifts that is actually reclaimed is 2800.

Determine all the journal entries for this program in 2023 if IFRS is used.

Reference no: EM133327611

Questions Cloud

Amount for a informations director position : Make a budget where each item is established and the total amount for a informations director position per year, and the budget necessary to cover each year
Accenture expects the client to pay in full : suppose that the client has a strong credit history and Accenture expects the client to pay in full. Does this affect your answer to any of the previous
What is the main objective of his row-bot : What is the main objective of his row-bot? What animal inspiration was used to design the row bot? What materials is Jonathan thinking of using so the row-bot
How much money does the hourly payment to each employee : How much money does the hourly payment to each employee mean, projections of overtime, how much money does all the benefits (medical plans, studies, and others)
Determine all the journal entries for program : Determine all the journal entries for program in 2023 if IFRS is used - The percentage of points expected to be reclaimed is 80%. The number of gifts
Explain climax plants in their native habitats : Describe the characteristics of these plants that make them capable of invading habitats on a new continent.
Determine and record the impairment loss : Determine and record the impairment loss on this asset to be recorded on December 31, 2023 if IFRS is used
What is the firms turnover, and average total assets : Firm E has income of $141,000 sales of $2,350,000, and ROI of 10.8 %. What is the firm's turnover, and average total assets
What are two arguments that would support the notion : What are two arguments that would support the notion that urban green spaces are a distinct biome. What are two arguments that would counter the notion

Reviews

Write a Review

Financial Accounting Questions & Answers

  Which constant payout policy for dividends involves

Which constant payout policy for dividends involves? A constant ratio of dividends to profit and a constant amount of dividends paid from year to year.

  What was the amount of gain that mcdonald waste management

Based on the information provided, what was the amount of the Gain or Loss that McDonald's Waste Management recognized on the sale of this asset?

  Make journal entries to record the expense and funding

Make journal entries to record the expense and funding for the year. On January 1, 2020, Crane Corp. amended its pension plan, resulting in past service costs.

  How many shares do you need to guarantee

How many shares do you need to guarantee that you will be elected to the board? Explain the complete solution of this problem.

  Find which of journal entries correctly records transaction

Which of journal entries correctly records this? transaction? A company that uses the perpetual inventory system sold goods to a customer on account

  Which the systematic and orderly performance of the steps

Which the systematic and orderly performance of the steps that will lead to the preparation of the periodic financial statements is called

  Which will cause a decrease in cash in financing activities

Which will cause a decrease in cash in the financing activities section of the statement of cash flows? Payment of cash dividend.

  How many orders will be made per year

What would be the advantage and disadvantage if the company decided to carry safety stock? Explain your answer in sentence form.

  1 the following given in scrambled order are accounts and

1. the following given in scrambled order are accounts and balances from the accounting records of alleg inc. as of

  What is the net cost of the merchandise

Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise?

  Operating activity and investing activity

The cash flow statement categorizes like transactions for optimal reporting - Operating activity and Investing activity (I)

  Record the issuance of the bonds on January

Record: (a) the issuance of the bonds on January 31, (b) the semi-annual interest payment and discount amortization on June 30

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd