ACC 201 Lecture Notes - Lecture 3: Deferred Income

12 views3 pages
School
Department
Course
Professor
(a) Sell Games for cash.
In September, Noodlecake sold $3,000 of games at its online store.
Cash +3000 (Dr.)
Revenue +3000 (Cr.)
(b) Receive cash for future services
Noodlecake issued three $100 gift cards at the beginning of September
Cash +300 (Dr.)
Deferred Revenue +300 (Cr.)
Noodlecake sold $9,000 of apps in the App Store and on Google Play.
Sales Revenue +9,000 (Cr.)
Accounts Receivable +9,000 (Dr.)
Chapter 3
Tuesday, February 11, 2020
3:00 PM
Accounting Page 1
Unlock document

This preview shows page 1 of the document.
Unlock all 3 pages and 3 million more documents.

Already have an account? Log in

Document Summary

In september, noodlecake sold ,000 of games at its online store. Revenue +3000 (cr. ) (b) receive cash for future services. Noodlecake issued three gift cards at the beginning of september. Deferred revenue +300 (cr. ) (c) sell apps on credit. Noodlecake sold ,000 of apps in the app store and on google play. Sales revenue +9,000 (cr. ) (d) receive payment on account. Noodlecake received checks totaling ,500 from apple and google, on. Accounts receivable -,500 (cr. ) (e) pay cash to employees. Noodlecake wrote checks to employees totaling ,800 for wages related to hours worked in september. Wage expense -,800 (dr. ) [stockholders" equity] (f) pay cash in advance. On september 1, noodlecake paid ,200 in advance for september, Prepaid rent +7. 200 (dr. ) (g) incur cost to be paid later. Noodlecake displayed online ads in september and received a bill for. Advertising expense -500 (dr. ) (h) pay cash for expenses.

Get access

Grade+20% OFF
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers