User Account

All Pages

What is the ending balance in the Deferred revenue account

Assignment Help Financial Accounting
Reference no: EM132759122

Question - Apple Inc.  Record in the journal the revenue earned from redemption of gifts cards is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $19.4 million in iTunes gift cards in November, and customers redeem $12.4 million of the gift cards in December.

Required - Record the necessary entries in the Journal Entry Worksheet below.

a) Record in the journal the receipt of cash for gifts cards?

b) What is the ending balance in the Deferred revenue account?

Reference no: EM132759122

Questions Cloud

Prepare the Sales and Production Budget : Desired ending inventory is 7.05% of next quarter budgeted sales in units. Prepare the Sales and Production Budget
Intro to criminal justice : There are many perspectives on justice. Which perspective best represents your own point of view and why?
How much interest will you earn : If you have $198,000 in an interest-bearing savings account that pays 2.4 percent annual interest, how much interest will you earn during a 30 day month
Prepare a flexible manufacturing budget : Cheyenne Company expects to produce 1,308,000 units of Product XX in 2017. Prepare a flexible manufacturing budget for the relevant range value
What is the ending balance in the Deferred revenue account : Assume Apple sells $19.4 million in iTunes gift cards in November, What is the ending balance in the Deferred revenue account
Prepare Tamarisk journal entries to record transactions : Paid $390 to install special shelving units, which increase the operating efficiency of the truck. Prepare Tamarisk journal entries to record transactions
Local police and private security personnel : What do you think is the difference between local police and private security personnel?
How a diverse or special population defendant rights : Write a paper in which you articulate how a diverse or special population defendant's rights at trial can be assured (ex: a deaf or elderly defendant).
Criminology and criminal justice : Describe in your own words the difference between Criminology and Criminal Justice.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What are capital gains and qualified dividend tax rate

What are Capital Gains and Qualified Dividend tax rate? How do we determine for each taxpayer based on their marginal tax rate?

  Identify whether the costs would be expensed

Identify whether the costs would be expensed. Lawyer fees related to the successful defense of a patent. Routine website maintenance

  Non controlling interest in its income statement

Lebron Co. owns most but not all of the shares of its subsidiary Bryant Inc. ebron reported net income of $124,700. The amount to be attributed to the non controlling inert in Bryant is $30,000. Indicate how Lebron will report the non controlling int..

  Prepare a manufacturing overhead budget report for january

Prepare a monthly flexible manufacturing overhead budget for each increment of 2,000 direct labor hours over the relevant range for the year ending December 31, 2014. Prepare a manufacturing overhead budget report for January.

  Prepare the appropriate adjusting entry for vacations earned

JWS Transport Company’s employees earn vacation time at the rate of 1 hour per 40-hour work period. The vacation pay vests immediately (that is, an employee is entitled to the pay even if employment terminates). During 2016, total wages paid to emplo..

  Compute the npv for project huron

Suppose that the appropriate cost of capital is 12 percent. Advise the organization about whether it should accept or reject the project.

  Straight line units of production declining balance methods

Expanded tableDifficulty: HardLearning Objective: 08-P1 Compute and record depreciation using the straight-line, units-of-production, and declining-balance methods.

  Determine how to enter in the t-accounts transactions

Enter in the T-accounts the transactions that occurred in 2017. Borrowed $3,800 from the bank and signed a note promising to pay the principal

  Evaluate current or recent developments

You should critically evaluate current or recent developments in the chosen area, providing relevant industry examples where appropriate.

  How much of takes on average days to pay bills

Will the company's accounts payable increase or decrease, and Determine by how much of it takes on average 6 days to pay its bills?

  Make adjusting entries annually

October 1, 2017, for a nine-month period; 4% interest is payable at maturity. Both companies have a December 31 year end and make adjusting entries annually.

  How has a current yeild of

17.11 percent coupon rate, currently selling for $1,089, has a current yeild of. Round the answer to two decimal places in percentage form.

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