Prepare all journal entries in relation to the transaction

Assignment Help Accounting Basics
Reference no: EM133128176

Question - Rocky Ltd provides a bundled service offering to Customer A. Rocky charges Customer A $70 000 for initial connection to its network and two ongoing services - access to the network for two years and 'on-call troubleshooting' advice for two years (ending 30 June 2023).

Customer A pays the $70 000 upfront, on 1 July 2021. Rocky determines that, if it were to charge a separate fee for each service if sold separately, the fee would be:

Connection fee $10 000 Access fee $12 000 per year Advice $23 000 per year

Required - Prepare all journal entries in relation to the above transaction for the year ended 30 June 2022 in accordance with AASB 15 Revenue from Contracts with Customers.

Reference no: EM133128176

Questions Cloud

Improve the operation of the private sector : How can laws and regulations improve the operation of the private sector?
Benefits of localizing products or services in your industry : What are the main benefits of localizing products or services in your industry? How do you manage the resulting complexity of localizing products or services.
Questions for the discussion-hurricane katrina : In the aftermath of the devastating hurricane Sandy in the Northeast and Jersey Shore, prices of certain goods had risen dramatically. Some people had objected
Perform audience analysis while planning presentation : You have been recently promoted as junior vice president of human resources at your organization.Perform an audience analysis while planning your presentation.
Prepare all journal entries in relation to the transaction : Prepare all journal entries in relation to the above transaction for the year ended 30 June 2022 in accordance with AASB 15 Revenue
Describe the four steps of the entrepreneurial process : Describe the four steps of the entrepreneurial process. Describe which elements are most important from a corporate perspective.
How much will she have at the end of four years : Sarah will receive from her investment cash flows of $2,800 in one year, $3,100, in two years and $2,900. How much will she have at the end of four years
What is the value of a bond : What is the value of a bond that matures in 17 years, makes an annual coupon payment of P50, and has a par value of P1,000
Discuss types of sovereign wealth funds : Discuss types of Sovereign Wealth Funds.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Briefly evaluate Ghana budgeting processes

Briefly evaluate Ghana's budgeting processes based on best practices from an OECD member country of your choice. Provide reasons for your choice

  What account would we credit

On December 31, we determined that $6,850 in revenue had been earned. What account would we credit when we record this adjusting entry in the general journal

  Describe how the business would benefit from information

Overall presentation of the report and structure of the report - quality of the report - describe capacity and capability of an implemented system of an existing business.

  What amount the company receive at the time lease expires

Oriole Company maintains its accounting records using IFRS. What amount will the company receive at the time the lease expires

  What is the present value of McGraw offer

The McGraw family have offered you $240,000 but the purchase price will not be paid until 2 years from today. What is the present value of McGraw offer

  San rafeal company has two production departments assembly

san rafeal company has two production departments assembly and finishing and two service department machine setup and

  Prepare the required journal entries on Moonbeam books

Prepare the required journal entries on Moonbeam's books related to the transfer of the accounts receivable, the loan, and the payment to the finance company

  Prepare the intangible assets section of the balance sheet

Franchise Fees Receivable $2,000, Franchises $47,000, Patents $33,000, and Trademarks $10,000. Prepare the intangible assets section of the balance sheet

  Difference between rule-based and principle-based system

What is the difference between a rule-based and principle-based system? Discuss the Global Reporting Initiative, its purpose, the standard setting process, the use of its reporting system, etc.

  Prepare the Statement of Financial Position as of September

Provision for uncollectible accounts is at 25% of net sales. Prepare the Statement of Financial Position as of September 30, 2019

  What is the actual budget amount for guest room lighting

Facilities Management: Lighting Problem - The total electrical budget for the hotel is $320,000. What is the actual budget amount for guest room lighting

  How much can john deduct in the tax year

John is a 50% shareholder of an S corporation that owns rental. How much can John deduct in this tax year as his pass-thru of loss from this S corporation?

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