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Anton Video Tech Sells The Play Station Portable (PSP) 1 2

1. Anton Video Tech sells the PSP and recognizes revenue of 1,520,000 upon receipt of cash from accounts receivable. 2. Anton Video Tech recognizes revenue of 3,500 upon receipt of cash from unearned service revenue. 3. Tucson Financial Services recognizes 20,000 of service revenue annually from unearned service revenue.

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Siti Marian V. Olmilla
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852 views6 pages

Anton Video Tech Sells The Play Station Portable (PSP) 1 2

1. Anton Video Tech sells the PSP and recognizes revenue of 1,520,000 upon receipt of cash from accounts receivable. 2. Anton Video Tech recognizes revenue of 3,500 upon receipt of cash from unearned service revenue. 3. Tucson Financial Services recognizes 20,000 of service revenue annually from unearned service revenue.

Uploaded by

Siti Marian V. Olmilla
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Problem 1

Anton Video Tech sells the Play Station Portable (PSP)

1 No Entry

2 Accounts Receivable P 1,520,000


Sales Revenue P 1,520,000
#
3 Cash 1,520,000
Accounts Receivable 1,520,000
#
4 Nil
5 1,520,000 (7,600*200)
6 Nil 1
2

Problem 3
AA Company,

1 P 3,000,000
2 Cash 150,000
Accounts Receivable 2,850,000
Sales 3,000,000
#

Problem 4
Cerise Outsourcing Company

Yes, Cerise Outsourcing Company doest not create an asset with alternative use to the entity .
The contract meets the criteria for recognizing revenue over time
Problem 2
Anton Video Tech

Accounts Receivable 42,000


1 Unearned Service Revenue 420,000

2 Cash P 3500
Service Revenue P 3500
#
Unearned Service Revenu P 3500
Service Revenue P 3500
#
3 Nil
4 3500
Problem 5
Shirley Tech Services

4000 (600*8/12) 1

Deffered Revenue P 4000


Service Revenue P 4000
#

2
Problem 6
AA Maritime Industries, Inc.

39,517,800
Cash 40,740,000
Sales Revenue 39,517,800 3
Service Revenue 814,800
Unearned Service Revenue 407,400
#
Unearned Service Revenue 203,700
Service Revenue 203,700
#

Problem 7
Tucson Financial Services

1 Jan. 1, 2018 2
Cash 20,000
Unerned Service Revenue 20,000
#
Dec. 31
Unerned Service 20,000
Service Revenue 20,000
#
Jan.1, 2019
Cash 20,000 3
Unerned Service Revenue 20,000
se to the entity . #
Dec.31
Unerned Service 20,000
Service Revenue 20,000
#

-
Problem 8
Giordano Corp.

Cash 18,000
Service Revenue 18,000
#
COGS 9,720
Inventory 9,720
#
Cash 2,000
Service Revenue 2,000
#
COGS 1,080
Inventory 1,080
#
Cash 1,957
Service Revenue 1,957
#
COGS 1,080
Service Revenue 1,080
#

Jan. 1, 2020
Cash 56,000
Unerned Service Revenue 56,000
#
Dec. 31
Unerned Service Revenue 14,000
Service Revenue 14,000
#

Jan. 1, 2020
Cash 56,000
Unerned Service Revenue 56,000
#
Dec. 31
Unerned Service Revenue 16,000
Service Revenue 16,000
#

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