Hi can anyone kindly help me with this problem? I m not sure if im doing it corr

Question

Hi can anyone kindly help me with this problem? I m not sure if im doing it correctly.

information and numbers need can be found at this website

Apple Inc., fiscal 2013 Form 10-K filing with the SEC: http://edgar.sec.gov/cgi-bin/viewer?action=view&cik=320193&accession_number=0001193125-13-416534&xbrl_type=v

10. Create T-accounts for the following accounts: Accounts receivable; deferred revenue (combine the current and non-current ones into one T-account; and Net sales.  Enter the fiscal 2013 opening balance (i.e., the balance as of September 29, 2012) and closing balance (as of September 28, 2013) for the two balance sheet accounts, and enter the fiscal 2013 Net sales as the total for the year in that T-account.

a. Assume that the current portion of deferred revenue at the end of each fiscal year is recognized during the following fiscal year.  Prepare the fiscal 2013 journal entry to record net sales for previously deferred revenue.  Post the transaction to the T-accounts.

b. Assume that the fiscal 2013 transactions included $66,000 (in millions) of sales on account, with all other sales made for cash.  Prepare the fiscal 2013 journal entry to record that year

Explanation / Answer

yes dear, you are doing it correctly. What you could have done is note down the T accounts on a piece of paper and upload the images of the noted paper. Kindly rate this answer and do the needful.

Please consider the time devoted to make this reply by rating this answer as 5star. Thank u in advance. God bless u :)

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