Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 12, 2024

Your company, which has a fiscal year ending October 31, sells bath bombs for a 12% commission. As of October 31, total sales are $400,000.

Your company, which has a fiscal year ending October 31, sells bath bombs for a 12% commission. As of October 31, total sales are $400,000. Your company has received $30,000, which you credited to Revenue.

How much additional revenue must you record for the fiscal year?

What is the journal entry to record the additional revenue?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

Artificial Intelligence In Accounting And Auditing Knowledge Representation Accounting Applications And The Future Volume 3

Authors: Miklos A. Vasarhelyi

1st Edition

1558760784, 978-1558760783

More Books

Students also viewed these Accounting questions

Question

★★★★★

How would you distinguish between a vendor, a partner, and a strategic alliance? What conditions would favor the use of each?

Answered: 1 week ago

Question

★★★★★

Evaluate the construct validity of Baddeleys (1996) study. To what extent is randomness of a string of digits a good operationalization of the function of the central executive?

Answered: 1 week ago

Question

★★★★★

Why did Nike fail to address corporate social responsibility earlier? Phil Knight and his University of Oregon track coach Bill Bowerman founded Blue Ribbon Sports, later renamed Nike, in 1964. The...

Answered: 1 week ago

Question

★★★★★

Your company, which has a fiscal year ending October 31, sells bath bombs for a 12% commission. As of October 31, total sales are $400,000. Your company has received $30,000, which you credited to...

Answered: 1 week ago

Question

★★★★★

effect of coronavirus on Ghana economy and suggest ways to solve it

Answered: 1 week ago

Question

★★★★★

Imagine your sister calls you and starts sharing the difficulty she is having at work with the team she is leading. Many members of her team are experiencing interpersonal conflict with each other...

Answered: 1 week ago

Question

★★★★★

Subject :- CREDIT & RISK MANAGEMENT Total Marks: 10 SEMESTER FALL 2021 CREDIT & RISK MANAGEMENT (FIN625) Assignment 2 - Due Date: February 22, 2022 Topic: COLLATERAL ABC bank is a well-established...

Answered: 1 week ago

Question

★★★★★

Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands) Revenues and gains: Sales Gain on...

Answered: 1 week ago

Question

★★★★★

As CIO of BellyBig, a new chain of fast - food restaurants, you are responsible for setting up the information systems infrastructure. Brefly outline your vision for all the components of this...

Answered: 1 week ago

Question

★★★★★

Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,000, the bad debt expense account had a balance of $0, and the allowance for...

Answered: 1 week ago

Question

★★★★★

4. Go to the ACAS website at www.acas.org.uk and view the video Breaking bad news at work the role of the redundancy envoy.

Answered: 1 week ago

Question

★★★★★

2. What would you say in a formal memo to staff advising them of possible redundancies?

Answered: 1 week ago

Question

★★★★★

3. How would someone adopting the special envoy role advocated by Ashman (2012a) earlier in the chapter be likely to handle this situation?

Answered: 1 week ago

Previous Question Next Question