Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. identifying and recording customer option for addi

Identifying and Recording Customer Option for Additional Merchandise Cost of sales is 45% of...

70.2K

Verified Solution

Question

Accounting

Identifying and Recording Customer Option for Additional Merchandise
Cost of sales is 45% of the selling price.
Two performance obligations
b. Record the journal entry to record revenue in the first day of the promotion period using the relative percentages to allocate standalone selling prices.
-Note: Carry all decimals in calculations; round the final answer to the nearest dollar
c. Only 25% of the coupons were redeemed during the redemption period on qualifying purchases of $13,800. Record the entry for the redemption of the coupons, ignoring the cost entries.
d. If the coupons, instead, offered 20% on future purchases (otherwise, same facts as before), how would the answers change to parts a and b, if at all?
image

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

Patients with a specific shared brain lesion have a specific set of behavioral deficits. Does this...

Medical Sciences
Q

how does an RNA molecule transcribe DNA molecule: TACCCAATC. what kind of info does this messanger DNA tell...

Biology
Q

Reading - UTILITARIANISM by John Stuart Mill (1863) * * * * Chapter 2 What Utilitarianism...

Psychology
Q

An air column tube is filled with water A sound source is placed just above...

Physics
Q

ne problem The probability that a radish seed will germinate is 0 7 A gardener...

Statistics
Q

Question 22 (8 points) The management team of Blades Inc. would like to learn more...

Accounting
Q

Brief Exercise 11-7 Larkspur, Inc. has 83,000 shares of common stock outstanding. It declares a...

Accounting
Q

Kent Company manufactures a product that sells for $50.00. Fixed costs are $260,000 and variable...

Accounting
Q

1) What fraud red flags were ignored at Wirecard ? and 2) How did EY...

Accounting
Q

Headland Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented...

Accounting
Q

E12-19A (Learning Objective 3: Compute cash flows from operating activities

Accounting
Q

Today, interest rates on 1-year T-bonds yield 1.3%, interest rates on 2-year T-bonds yield 2.2%,...

Finance