Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. bexinco ltd offers discounted bundled health insur

Bexinco Ltd offers discounted bundled health insurance packages. Bexinco Ltd's bundled service package includes 'joining...

70.2K

Verified Solution

Question

Accounting

image
Bexinco Ltd offers discounted bundled health insurance packages. Bexinco Ltd's bundled service package includes 'joining fee' which is offered at the inception of the contract and two ongoing services - ' Dental services' and 'Chiropractic services' over a one-year period. Customer L pays $18,000 upfront, on 1 July 2020. Bexinco Ltd determines that, if it were to charge a separate fee for each service if sold separately, the fee would be as follows. The end of Bexinco Ltd's reporting period is 30 June. Required a) Prepare the journal entry to record this transaction in accordance with AASB 15/IFRS 15 at 1 July 2020 (at inception of the agreement). (1 mark) b) Prepare journal entries for the year ended 30 June 2021. (1 mark)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Global CO2 concentration is rising rapidly. Which type of plants are more likely to benefit from...

Biology
Q

Recognize Methods for Staffing System Evaluation Mia wants to know how you can tell if the...

Operations Management
Q

Reverse the order of integration in the following integral 6 12 2x SS f x...

Calculus
Q

Find the peaks for f x cos x sin x x

Algebra
Q

Required information [The following information applies to the questions displayed below.] Walton Company makes and...

Accounting
Q

X Company currently mukes 2,700 units of a unique part for one of its finished...

Accounting
Q

Patton Company purchased $600,000 of 10% bonds of Scott Co. on January 1, 2013, paying...

Accounting
Q

Assume a company is preparing a budget for its first two months of operations. During...

Accounting
Q

Marigold Corporation purchased a truck at the beginning of 2020 for $52,000. The truck is...

Accounting
Q

Allocate the total acquisition cost to the individual assets acquired. Journal entry worksheet Record the...

Accounting
Q

1) Ott Transportation Corp can issue perpetual preferred stock at a price of $88 a...

Finance
Q

On January 1,2023, a machine was purchased for $87,500. The machine has an estimated salvage...

Accounting