On January 1 Your Company Sold a 1 Year Subscription

At the end of January youve successfully delivered one month of services which means you can recognize 10 in revenue. Depreciation P157200 x x 2 yrs 78600 Carrying value 78600 value Sale Jan.

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What would the journal entry look like to record this sale.

. On January 1 your company sold a 1-year subscription for 1200. The subscription term was from January 1 to December 31. FREE shipping on qualifying offers.

You invoice the customer 12000 for a one-year subscription on January 1. Suppose a piece of plant equipment that PepsiCo put into service on January 1 2014 at a total cost of 300000 with an expected useful life of 5 years and a salvage value of 60000 is sold on January 1 2019 for 50000. On January 1 Year 1 Wayne Company issued bonds with a face value of 635000 a 5 stated rate of interest and a 10-year term.

Neither a gain or loss is recognized on this type of. On January 1 a company made a sale of 87500 on credit. Depreciation of P1900000 in exchange for a 3-year 3 P3000000 note receivable.

The note principal and 144 annual interest are due in one year 1200 X 12. As a result of this improvement Suns estimated that the useful life of the machine would be extended an additional 5 years. Authorized were 100000 ordinary shares of P100 par value and 50000 convertible preference shares of 10 P100 par value.

Depreciation x x 3 yrs 79200 Carrying value 52800 Net. You generally charge 10 a month but many customers opt to pay annually instead. Authorized were 120000 shares of P10 par value ordinary shares and 240000 shares of 10 P100 par.

On August 1 ABC Company sold. Debit Bond Interest Expense 36720. Selling your business or changing the business type might also affect filing due dates.

An assets book value is 43200 on January 1 Year 6. Assuming the asset is sold on July 1 Year 7 for 29400 the company should record. 2 SOLUTION AUDITING PROBLEMS PROBLEM 1 TGR Company AUDIT OF PROPERTY PLANT AND EQUIPMENT PPE 1.

The asset is being depreciated 600 per month using the straight-line method. On January 1 2022 Golden Company sold machinery with historical cost of P5000000 and accumulated. D June 30 2016 Cost P157200 Accum.

The prevailing interest rate for this type of note is 12. The terms of the invoice were B. You invoice the customer for 12000 which debits accounts receivable and credits deferred revenue.

The subscription expires December 31 and they have access to the software today January 1. Crazy Corporation issued 300000 of 10 20-year bonds at 106 on January 1 2012. If the credit terms were 210 n30 what would be the amount of the sales discount be if the payment is received on January 9.

Customer A pays you 120 in full on January 1. Phoenix Manufacturing Co a calendar-year company purchased. Calculate the cost of goods sold.

The company uses the straight-line method to amortize the discount. On September 1 2013 a bank lends 1200 to a company. Lets assume a customer has signed up for one-year subscription that is payable now.

On January 1 of the current year Oliver Company paid 2100 in rent to cover six months January-June. Kindly DOUBLE RULE your final answers. AUDIT OF SHAREHOLDERS EQUITY PROBLEM NO.

Accounting 113 Audit 2 Write all your answers on a clean sheet of paper then submit it to our google classroom. Began operations on January 1. Interest is payable each June 30 and December 31.

We offer electronic filing of Copy A of Form W-2 starting January 1. AccountName Debit Credit Note Receivable 1200 Cash 1200. A loss on sale of 1500.

Answer from the Banks perspective. Wayne uses the straight-line method to amortize bond discounts and premiums. Lets also assume the payment is made at the start of the subscription period and that your company prepares monthly financial statements.

1 2017 Cost Accum. In 1 year assuming no other transactions are recorded. A One-Year Study of the Bible and How It Relates to You.

Problem 20-7 IAA Fuilhouse Company began operations on January 1 2020. Lets assume that the cost of the one-year subscription for a monthly trade publication is 120. A gain on sale of 1500.

1On January 1 a company issued and sold a 408000 9 10-year bond payable and received proceeds of 403000. Ways to Record One-Year Subscriptions. Principal is due on January 1 2025 but interest is due annually every December 31.

Say youre a B2B company that sells subscription-based software. One way to enter the transaction is to debit the current asset Prepaid. Interest is payable in cash on December 31 of each year.

1 Issued 10000 ordinary shares to the promoters in. Talk to your accountant tax advisor IRS or state agency to confirm the requirements for your business. How would you calculate Unearned.

The journal entry to record the first interest payment is. The following transactions involving shareholders equity occurred during the first year of operations.

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