User Account

All Pages

Prepare the journal entry to record revenue

Assignment Help Accounting Basics
Reference no: EM132517399

Question - On December 31, 2018, ABC Company sells equipment to Z Inc. for €125,000. ABC includes a 1-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on December 31, 2018. ABC estimates the prices to be €122,000 for the equipment and €3,000 for the cost of the warranty.

Instructions -

(a) Prepare the journal entry to record revenue on this transaction on December 31, 2018.

(b) Repeat the requirements for (a), assuming that in addition to the assurance warranty, ABC sold an extended warranty (service type warranty) for an additional 2 years (2020-2021) for €2,000.

Reference no: EM132517399

Questions Cloud

Setting information to online pharmacies : You have been assigned to investigate whether or not employee at local hospital has been accessing patient records and setting information to online pharmacies
Compute both basic and diluted earnings per share : The current conversion ratio is 14:1, and in 2 years it will increase to 17:1. Compute both basic and diluted earnings per share
Did laarner earn a return on the shares : Compute the net present value. (Hint: Use Microsoft Excel to calculate the discount factor(s).) (Do not round intermediate calculations)
Hangman game : Hangman game. User will be able to select the category to play with .At least 5 categories in each should be presented in the game
Prepare the journal entry to record revenue : On December 31, 2018, ABC Company sells equipment to Z Inc. for €125,000. Prepare the journal entry to record revenue on this transaction
Determine mountain air should continue to make : Determine whether Mountain Air should continue to make the electric motor or outsource it from Mini Motor Company. Calculate the net advantage
Prepare the necessary journal entry for the ABC Store : Assume that a customer purchases a washing machine with both installation and maintenance services for €1,450. Prepare necessary journal entry for ABC Store
Phishing-project computer security : An abstract for the topic"Phishing". A PowerPoint slide deck with 12 slides explaining the topic "Phishing"
Malware prevention and detection : Ensure that you cover all aspects of security, including physical access, logon access, appropriate usage, malware prevention/detection,

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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