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Problem:

Journalize the following accrued revenue transactions:

PRV Bank extended $400,000 credit at 5% interest to a customer on April 1, 2012 for one year (N/R). The principal and interest rates will be collected on March 31, 2013.

Required:

Journalize the transactions on the following dates:

April 1, 2012

Dec. 31,2012

March 31,2013

ETN Insurance Company sold an insurance policy and collected $210,000 cash on October 1, 2012 from the customer for one-year coverage.

Required:

Please journalize on the following dates:

October 1, 2012

December 31, 2012

September 31, 2013

XYZ Co. collected $1,800,000 cash (advances) from a customer on November 22, 2012 with promise to deliver merchandise on March 1, 2013. Cost or the merchandise to xyz company: $1,100,000.

Journalize on:

November 22, 2012

December 31, 2012

Delivery March 1, 2013

Provide correct solution of the given problem with step by step calculations.

Operation Management, Management Studies

  • Category:- Operation Management
  • Reference No.:- M91149548

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