help Exercise 8-10 Analyze and record deferred revenues (L08-4) The following in

Question

help Exercise 8-10 Analyze and record deferred revenues (L08-4) The following information applies to the questions displayed below hrough Its iTunes music store. Apple sells Tunes gift cards in $15, $25, and $50 increments Assume Apple sels $21million in Tunes gift cards in November, and customers redeem $14 million of the gift cards in December 9 100 points Exercise 8-10 Parts 1&2 Required 1. &2. Record the necessary entries in the Joumal Entry dollars, not in milions (Le. 5.5 should be entered as 5,500,000 be???, or no entry is required for a ansactionevenL select ?0 journai e my required-in the first account field. Enter your answers in

Explanation / Answer

Solution:

1 & 2) Preparing the Necessary Journal Entries:

3) Calculation of the Ending Balance in the Deferred Revenue Account:

Therefore, the Ending Balance in the Deferred Revenue Account is $7,000,000.

Date General Journal Debit Credit Nov 30 Cash $21,000,000 Deferred Revenue $21,000,000 Dec 31 Deferred Revenue $14,000,000 Sales Revenue $14,000,000

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.