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 conduit 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 Revents are recognized set of 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 redeemed, referred to as breakage."Estimated breakage revenue is recognised over time in proportion to actual gift card redemption Guests receive a 5 percent discount on virtually all purchases and receive free shipping at Target.com when they use their REDcard. This discount is included as a sales reduction in our Operations and was $858 million, 5840 milion, and $809 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 $900 in a state with a sales tax rate of 8%. For this question assume 10% of all merchandise sold is returned Note: For each account Category, indicate the appropriate account name. Enter for any account Category that is not used for a pen transaction Note: indicate a decrease in an account category by including a negative sign with the amount Cash Aset Noncash Assets Centre Capital Earned Capital Cash Allowances for Sale Rendang b. Use the financial statement effects template to record the following transaction on March 4, an internet customer places an order for $1.800 and pays online with a credit card whid accounting purposes). 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 accountamenter "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 : 888 ese 20 73 A $ 4 % 5 & 7 + 0 9 2 6 0 3 Q W 0 E R | Y U SI D F H J N X B N M 9 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 conduit 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 Revents are recognized set of 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 redeemed, referred to as breakage."Estimated breakage revenue is recognised over time in proportion to actual gift card redemption Guests receive a 5 percent discount on virtually all purchases and receive free shipping at Target.com when they use their REDcard. This discount is included as a sales reduction in our Operations and was $858 million, 5840 milion, and $809 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 $900 in a state with a sales tax rate of 8%. For this question assume 10% of all merchandise sold is returned Note: For each account Category, indicate the appropriate account name. Enter for any account Category that is not used for a pen transaction Note: indicate a decrease in an account category by including a negative sign with the amount Cash Aset Noncash Assets Centre Capital Earned Capital Cash Allowances for Sale Rendang b. Use the financial statement effects template to record the following transaction on March 4, an internet customer places an order for $1.800 and pays online with a credit card whid accounting purposes). 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 accountamenter "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 : 888 ese 20 73 A $ 4 % 5 & 7 + 0 9 2 6 0 3 Q W 0 E R | Y U SI D F H J N X B N M 9
