(Vacation Time). A vacation agent is booking beach house units for two month and

Question

(Vacation Time). A vacation agent is booking beach house units for two month and three month leases during the winter. Let x be the number of bookings for January- February, let y be the FebruaryMarch bookings and z be the January-March bookings. The agent wants to reserve at least 25 units in January, 12 in February and 20 in March. Two month bookings cost $2400 and three month bookings go for $3000. Formulate this as a minimization linear programming problem and solve using the dual simplex method

Explanation / Answer

January 10, 2014

Cash A/c Dr. $ 1958

               To Advance received from customers A/c Cr. $ 1958           

Answer 2

Carnival will recognise the revenue from Kerrie Collins’ cruise in June 2015.

Journal entry for Carnival cruise to recognise the revenue

Advance received from customers A/c Dr. $ 1958

                                                   To Revenue A/c Cr. $ 1958

Answer 3

January 15, 2014

Advance payments for services A/c Dr. $ 52000

                                                   To Cash A/c Cr. $ 52000

Answer 4

Carnival will expense the payment to Lady Antebellum in June 2015.

Journal Entry for Carnival to recognise the expense

Services Expense A/c Dr. $ 52000

                     To Advance payments for services A/c Cr. $ 52000

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