What's the entry for this...?
For example,
Aprl 1 Major Cash Purchases 150, 000 unit of CDs (a) $96 section cost plus $50, 000 for freight charges and $20, 000 for handling cost (Handling cost will be forthwith debit to purchases.
Apr 10 Cash Sales, 5, 000 unit (a) $ 300 average selling price.
Apr 11 Paid in assignment expenses and handling charges: 2% of related sale.
Apr 30 Launch massive hype movement $ 1, 000,000 to increase sales
May 10 Paid $ 2, 000, 000 to Pani Recording Studios due to lost from imperative suit due to Copyright Infringement
May 15 Reacquire 50, 000 unexciting shares from shareholders at current souk effectiveness of shares. Due to some financial difficulties and regulation problems the open market convenience of shares decrease to $ 101.
Answers:
Aprl 1 Major Cash Purchases 150, 000 unit of CDs (a) $96 section cost plus $50, 000 for freight charges and $20, 000 for handling cost (Handling cost will be on the double debit to purchases)
Dr Purchases 14,420,000
Dr Inward freight 50,000
Cr Cash 14,470,000
(being purchases and freight incurred)
Apr 10 Cash Sales, 5, 000 unit (a) $ 300 average selling price.
Dr Cash 1,500,000
Cr Sales 1,500,000
(being brass sales)
Apr 11 Paid surrounded by confinement expenses and handling charges: 2% of related sales
Dr Delivery expenses 30,000
Cr Cash 30,000
(being 2% transference expenses)
Apr 30 Launch massive exposure solicit votes $ 1, 000,000 to increase sales
Dr Advertising expenses 1,000,000
Cr Cash or A/cs payable 1,000,000
(being media hype expenses)
May 10 Paid $ 2, 000, 000 to Pani Recording Studios due to lost from statute suit due to Copyright Infringement
Dr Loss from lawsuit 2,000,000
Cr Cash 2,000,000
(being amt salaried to Pani Recording Studios)
May 15 Reacquire 50, 000 regular shares from shareholders at current flea market importance of shares. Due to some financial difficulties and regulation problems the bazaar helpfulness of shares decrease to $ 101.
Dr Treasury stock 5,050,000
Cr Cash 5,050,000
(being repurchase of co's own shares)
Note : The Company is required to consider whether the media hype expenses qualify to be treated as capitalizable direct response hype beneath the Statement of
Position 93-7 - "Reporting on Advertising Costs" ("SOP 93-7") issued by American Institute of Certified Public Accountants ("AICPA"). If the criteria specified for capitalizing the direct response public relations surrounded by this accounting
pronouncement are met, later the Company should capitalize such exposure expenses and amortize them over the expected benefit period.
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Aprl 1 Major Cash Purchases 150, 000 unit of CDs (a) $96 section cost plus $50, 000 for freight charges and $20, 000 for handling cost (Handling cost will be forthwith debit to purchases.
Apr 10 Cash Sales, 5, 000 unit (a) $ 300 average selling price.
Apr 11 Paid in assignment expenses and handling charges: 2% of related sale.
Apr 30 Launch massive hype movement $ 1, 000,000 to increase sales
May 10 Paid $ 2, 000, 000 to Pani Recording Studios due to lost from imperative suit due to Copyright Infringement
May 15 Reacquire 50, 000 unexciting shares from shareholders at current souk effectiveness of shares. Due to some financial difficulties and regulation problems the open market convenience of shares decrease to $ 101.
Answers:
Aprl 1 Major Cash Purchases 150, 000 unit of CDs (a) $96 section cost plus $50, 000 for freight charges and $20, 000 for handling cost (Handling cost will be on the double debit to purchases)
Dr Purchases 14,420,000
Dr Inward freight 50,000
Cr Cash 14,470,000
(being purchases and freight incurred)
Apr 10 Cash Sales, 5, 000 unit (a) $ 300 average selling price.
Dr Cash 1,500,000
Cr Sales 1,500,000
(being brass sales)
Apr 11 Paid surrounded by confinement expenses and handling charges: 2% of related sales
Dr Delivery expenses 30,000
Cr Cash 30,000
(being 2% transference expenses)
Apr 30 Launch massive exposure solicit votes $ 1, 000,000 to increase sales
Dr Advertising expenses 1,000,000
Cr Cash or A/cs payable 1,000,000
(being media hype expenses)
May 10 Paid $ 2, 000, 000 to Pani Recording Studios due to lost from statute suit due to Copyright Infringement
Dr Loss from lawsuit 2,000,000
Cr Cash 2,000,000
(being amt salaried to Pani Recording Studios)
May 15 Reacquire 50, 000 regular shares from shareholders at current flea market importance of shares. Due to some financial difficulties and regulation problems the bazaar helpfulness of shares decrease to $ 101.
Dr Treasury stock 5,050,000
Cr Cash 5,050,000
(being repurchase of co's own shares)
Note : The Company is required to consider whether the media hype expenses qualify to be treated as capitalizable direct response hype beneath the Statement of
Position 93-7 - "Reporting on Advertising Costs" ("SOP 93-7") issued by American Institute of Certified Public Accountants ("AICPA"). If the criteria specified for capitalizing the direct response public relations surrounded by this accounting
pronouncement are met, later the Company should capitalize such exposure expenses and amortize them over the expected benefit period.