FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Carrot Company sold extended warranties for its vacuum cleaners which it sold. The company received $20,000 for the extended warranties for four years. The

The Carrot Company sold extended warranties for its vacuum cleaners which it sold. The company received $20,000 for the extended warranties for four years. The monies were received on June 30th, 2022. The company uses the calendar year end for its business year.

 

What was the journal entry made on June 30th, 2022?

 What is the journal entry that the company will prepare on December 31st, 2022?

 What is the journal entry that the company will prepare on December 31st, 2022?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Journal Entries for Extended Warranty Sales June 30th 2022 This is the date the extended warranties ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Smith and Roberson Business Law

Smith and Roberson Business Law

Authors: Richard A. Mann, Barry S. Roberts

15th Edition

1285141903, 1285141903, 9781285141909, 978-0538473637

More Books

Students also viewed these Accounting questions

Question

★★★★★
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Answered: 1 week ago

Question

★★★★★
Explain the meaning of the terms emoluments, employments and office for the purposes of PAYE as you earn systems. 2. Explain the actual receipts basis of assessing the emoluments from the employment...

Answered: 1 week ago

Question

★★★★★
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...

Answered: 1 week ago

Question

★★★★★
General Ledger Accounts Account: Cash Date Description Opening Balance Account: Date Petty Cash Description Opening Balance Account: Date Accounts Receivable Description Opening Balance Account: Date...

Answered: 1 week ago

Question

★★★★★
Compute the density for iron at 700C, given that its room-temperature density is 7.870 g/cm3. Assume that the volume coefficient of thermal expansion, v, is equal to 3l.

Answered: 1 week ago

Question

★★★★★
3. What specifi c things could these fi rms import from other countries to unfreeze this purported stodgy, hierarchal, family-style leadership?

Answered: 1 week ago

Question

★★★★★
Review the potential impact of cultural factors on the practice of health psychology.

Answered: 1 week ago

Question

★★★★★
Advance inc is trying to determine its cost of debt. The firm has a debt issue outstanding with 12 years to maturity that is quoted at 105% of face value. The issue makes semi-annual payments and has...

Answered: 1 week ago

Question

★★★★★
Westerville Company reported the following results from last years operations: Sales $ 1,200,000 Variable expenses 320,000 Contribution margin 880,000 Fixed expenses 640,000 Net operating income $...

Answered: 1 week ago

Question

★★★★★
Frito-Lay Inc. manufactures convenience foods, including potato chips and corn chips. Production of corn chips occurs in four departments: Cleaning, Mixing, Cooking, and Drying and Packaging....

Answered: 1 week ago

Question

★★★★★
W What is total revenues and gains if you prepare from the following information one step income statement? Sales 1 500 000 Losses 900 Utilities 1500 Depreciation 5000 Bad Debt Provision? Interest...

Answered: 1 week ago

Question

★★★★★
Patel and Sons Incorporated uses a standard cost system to apply factory overhead costs to units produced. Practical capacity for the plant is defined as 50,000 machine hours per year, which...

Answered: 1 week ago

Question

★★★★★
You are designing a wireless multihop network that can tolerate 5% packet loss, meaning that 95% of the packets must be delivered to the destination. i) Would you recommend using TCP or UDP at the...

Answered: 1 week ago

Question

★★★★★
On August 31, 2018, a fire destroyed totally the rented "bodega" or stockroom of the Company. The following are some of the data of the company: Merchandise inventory, December 31, 2017 P110,000 For...

Answered: 1 week ago

Question

★★★★★
If an instance of ANE happens for a client, direct service providers should do the following: Record TV shows that were going to be watched for later viewing Report knowledge or suspicion of ANE to...

Answered: 1 week ago

Question

★★★★★
Learning Source, Inc. has two divisions: Test Preparation and Language Arts. Results (in millions) for the past three years are partially displayed here: (Click the icon to view the results.)...

Answered: 1 week ago

Question

★★★★★
An individual's ethics is influenced by many factors. As a result, everyone's ethical reasoning differs. Companies and organizations create internal rules or codes of conducts to ensure consistent...

Answered: 1 week ago

Question

★★★★★
You are planning to purchase your first home five years from today. The required down payment will be $50,000. You currently have $20,000. but you plan to contribute $500 each quarter to a special...

Answered: 1 week ago

Question

★★★★★
This is a stocklist case arising under 220(b) of our [Delaware] General Corporation Law. The issue is whether a shareholder states a proper purpose for inspection under our statute in seeking to...

Answered: 1 week ago

Question

★★★★★
Grant leased an apartment to Epstein for the term May 1, 2010, to April 30, 2011, at $750 a month payable in advance on the first day of each and every month of said term. At the time the lease was...

Answered: 1 week ago

Question

★★★★★
State whether the following provisions in a note impair or preclude negotiability, the instrument in each instance being otherwise in proper form. Answer each statement with either the word...

Answered: 1 week ago

Question

★★★★★
4.56. The curve for a normal distribution with mean p and standard deviation a has mathematical formula f(y) = (>'-M)2 /(2^2 )_ J2tti ira Show that this curve is symmetric, by showing that for any...

Answered: 1 week ago

Question

★★★★★
4.47. The Palestinian Central Bureau of Statistics (www.pcbs.gov.ps) asked mothers of age 20-24 about the ideal number of children. For those living on the Gaza Strip, the probability distribution is...

Answered: 1 week ago

Question

★★★★★
4.43. (Class Exercise) Refer to Exercises 1.11 and 1.12 (page 8). Using the population defined by your class or using the studentsurvey, the instructor will select a variable,such as weekly time...

Answered: 1 week ago

Previous Question Next Question