求有Chegg账户的帮忙看下题目。

Steven_L

跪求此网站题目的answer，谢谢！
http://www.chegg.com/homework-help/questions-and-answers/question-1-transactions-would-produce-10-000-revenue-december-check-apply-boc-delivered-10-q7624087

pandagoes喵

snarulatutor answered this 57 minutes later Was this answer helpful?
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505 answers • 96% Best Answer
Since the question has multiple parts, the first four have been answered.

____________

Question 1)

BOC delivered $10,000 of goods in December to customers that ordered them and have 30 days to pay for them. (which is Option A)

and

BOC delivered $10,000 of goods in December to a customer that paid a $10,000 cash deposit in November. (which is Option D)

___________

Details Provided Below:

Option A is correct because the risk of ownership and property has passed on to the buyer, as a result of which BOC is entitled to receive money for goods delivered in December.

Option B is not correct because the goods were delivered in the month of November and only cash has been received in the month of December. The sale made in November will be treated as revenue for the November itself.

Option C is not correct because only a contract has been signed to deliver the goods in the month of January. No actual transaction has taken place.

Option D is correct because goods have been delivered in the month of December. At the time of receipt of cash in the month of November, the amount so received must have been recorded as an advance to unearned revenue account. Once, the goods have been delivered, we will recognize the unearned revenue as revenue.

Option E is not correct because advance has been received for goods to be shipped in January. It will recorded as unearned revenue in the month of December.

____________________

Question 2)

BOC pays its advertising agency $10,000 in December for ads that ran in December. (which is Option A)

and

BOC receives a $10,000 invoice from its lawyers for services performed in December. The bill is due in January. (which is Option D)

___________

Details Provided Below:

Option A is correct because the amount is paid towards all the advertisements that occurred in the month of December itself. The amount is related to the current month and has been cleared in the same month.

Option B is not correct because the services of auditor have been obtained throughout the year. Therefore, the expense will be accrued as and when the services have been received and not in the month of payment.

Option C is not correct because payment of dividends is not treated as an expense.

Option D is correct because the services of lawyer have already been received and the amount payable to them has accrued in the month of December itself.

Option E is not correct because any amount to be paid to COO will start accruing from January as the services of COO will start from the same month.

____________

Question 3)

Dr. Cash    2,000

Cr. Advances from Customers 2,000

(which is Option D)

___________

Details Provided Below:

Any amount received from the customer as advance towards any goods to be delivered later on (in the future) will involve a receipt of cash and an entry towards the revenue which has not been earned as the goods have not yet been delivered to the customer. In such a case, the journal entry will involve a debit to the cash account (for the amount received) and a credit to advances from customers or unearned revenue. Such an advance will be treated as revenue only after the goods have been delivered to the customer.

____________

Question 4)

Dr. Cash 10,000

Cr. Revenue 10,000

Dr. Cost of Goods Sold 8,000

Cr. Inventory 8,000

(which is Option A)

___________

Details Provided Below:

Since the goods have been sold for cash, the journal entry will involve a debit to cash account (with the amount of cash received) and a credit to revenue/sales account (as the the value of goods sold will be treated as revenue immediately on the sale of goods). The second part of the entry indicates value of inventory that is sold. It will involve a debit to cost of goods sold and a credit to inventory as the items will be moved from inventory to make the sale.

Steven_L

pandagoes喵 发表于 2015-5-25 19:17
snarulatutor answered this 57 minutes later Was this answer helpful?
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谢谢了！请问你买的时chegg会员，还是那个什么study？我分不清楚

pandagoes喵

Steven_L 发表于 2015-5-25 19:20
谢谢了！请问你买的时chegg会员，还是那个什么study？我分不清楚

不是我的，是朋友的account

Steven_L

pandagoes喵 发表于 2015-5-26 11:27
不是我的，是朋友的account

谢谢了！