Q1 incomplete Marked out of 5.00 Revenue Recognition and Sales Allowances Target Corporation reported the following...

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Q1 incomplete Marked out of 5.00 Revenue Recognition and Sales Allowances Target Corporation reported the following on its come statement Tu Cest of a 4715 30AM 48.349 The revenue recognition footnote from the 10-K for the year ended February 2, 2019, includes the following We record almost all retail store revenues at the point of sale Digital channel sales include shipping revenue and are recorded upon delivery to the guest or upon guest pickup at the store Total revenues do not include sales tax because we are a pass-through condut for collecting and remitting sales taxes Generally, guests may return national brand merchandise within 90 days of purchase and owned and exclusive brands within one year of purchase Revenues are recognized net of expected returns, which we estimate using historical return patterns as a percentage of sales and our expectations of future returns Revenue from gift card sales is recognized upon gift card redemption. Our gift cards do not expire. Based on historical redemption rates, a small and relatively stable percentage of gift cards will never be redeemed, referred to as "breakage." Estimated breakage revenue is recognized over time in proportion to actual gift card redemptions Guests receive a 5 percent discount on virtually all purchases and receive free shipping at Target.com when they use their REDcant. This discount is included as a sales reduction in our Consolidated Statements of Operations and was $905 million, 1886 million, and $854 million in the fiscal years ended February 2019, 2018, and 2017 respectively. Required a. Use the financial statement effects template to record retail cash sales of $50 in a state with a sales tax rate of S For this question assume 10% of all merchandise sold is returned within 90 days Note: For each account category, indicate the appropriate account name. Enter "NA" for any account category that is not used for a given transaction Note: Indicate a decrease in an account category by including a negative sign with the amount Cash Arvet 10 In-store ses Balance Sheet b. Use the financial statement effects template to record the following transaction On March 4, an internet customer places an order for $1,900 and pays online with a credit card (which is equivalent to cash for accounting purposed. The goods are shipped from the warehouse on March 6, and FedEx confirms delivery on March 7, ignore shipping costs, sales tax, and returns Note: For each account category, indicate the appropriate account name, Enter "A for any account category that is not used for a given transaction Note indicate a decrease in an account category by including a negative sign with the amount Tramaction C March & Online sale March 7 Goods delivered 0- Relance Sheet . c. Use the financial statement effects template to record the gift card activity during the fiscal year ended February 2, 2018 ore sales tax and returns Details are as follows Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction Note indicate a decrease in an account category by including a negative sign with the amount Q1 incomplete Marked out of 5.00 Revenue Recognition and Sales Allowances Target Corporation reported the following on its come statement Tu Cest of a 4715 30AM 48.349 The revenue recognition footnote from the 10-K for the year ended February 2, 2019, includes the following We record almost all retail store revenues at the point of sale Digital channel sales include shipping revenue and are recorded upon delivery to the guest or upon guest pickup at the store Total revenues do not include sales tax because we are a pass-through condut for collecting and remitting sales taxes Generally, guests may return national brand merchandise within 90 days of purchase and owned and exclusive brands within one year of purchase Revenues are recognized net of expected returns, which we estimate using historical return patterns as a percentage of sales and our expectations of future returns Revenue from gift card sales is recognized upon gift card redemption. Our gift cards do not expire. Based on historical redemption rates, a small and relatively stable percentage of gift cards will never be redeemed, referred to as "breakage." Estimated breakage revenue is recognized over time in proportion to actual gift card redemptions Guests receive a 5 percent discount on virtually all purchases and receive free shipping at Target.com when they use their REDcant. This discount is included as a sales reduction in our Consolidated Statements of Operations and was $905 million, 1886 million, and $854 million in the fiscal years ended February 2019, 2018, and 2017 respectively. Required a. Use the financial statement effects template to record retail cash sales of $50 in a state with a sales tax rate of S For this question assume 10% of all merchandise sold is returned within 90 days Note: For each account category, indicate the appropriate account name. Enter "NA" for any account category that is not used for a given transaction Note: Indicate a decrease in an account category by including a negative sign with the amount Cash Arvet 10 In-store ses Balance Sheet b. Use the financial statement effects template to record the following transaction On March 4, an internet customer places an order for $1,900 and pays online with a credit card (which is equivalent to cash for accounting purposed. The goods are shipped from the warehouse on March 6, and FedEx confirms delivery on March 7, ignore shipping costs, sales tax, and returns Note: For each account category, indicate the appropriate account name, Enter "A for any account category that is not used for a given transaction Note indicate a decrease in an account category by including a negative sign with the amount Tramaction C March & Online sale March 7 Goods delivered 0- Relance Sheet . c. Use the financial statement effects template to record the gift card activity during the fiscal year ended February 2, 2018 ore sales tax and returns Details are as follows Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction Note indicate a decrease in an account category by including a negative sign with the amount