Chazen retailers sold 200 gift cards for $100 each. It is e…
Chazen retailers sold 200 gift cards for $100 each. It is estimated that 25% of the gift cards will never be redeemed. On June 30, 2024, 100 gift cards were redeemed. What amount of breakage revenue should Chazen record on June 30, 2024?
Read DetailsAre the following statements true or false? Vacation time s…
Are the following statements true or false? Vacation time should be accrued in the period that the employee has earned the vacation time [1] Assurance type warranties result in unearned warranty revenue being recorded on the financial statements [2] Unearned revenue is a liability [3] Assurance type warranties represent one performance obligation. All revenue and expenses should be recorded in the same accounting period. [4]
Read DetailsUse the information in Question #1 above. On December 31, 2…
Use the information in Question #1 above. On December 31, 2024 two students did bring in their computer for repairs under the extended protection plan. Wisconsin fixed each computer for $20 in parts. Assume that Wisconsin Corporation issues financial statements on December 31, 2024 and prepares adjusting journal entries annually. What journal entry(ies) should Wisconsin Corporation record on December 31, 2024?
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