Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 30 Apr 2018 My Price 7.00

Furtastic manufactures imitation

Consideration payable to customer; collectibility of transaction price

Furtastic manufactures imitation fur garments. On June 1, 2016, Furtastic made a sale to Willett’s Department Store under terms that require Willett to pay $150,000 to Furtastic on June 30, 2016. In a separate transaction on June 15, 2016, Furtastic purchased brand advertising services from Willett for $12,000. The fair value of those advertising services is $5,000. Furtastic expects that 3% of all sales will prove uncollectible.

Required:

1. Prepare the journal entry to record Furtastic’s sale on June 1, 2016.

2. Prepare the journal entry to record Furtastic’s purchase of advertising services from Willett on June 15, 2016. Assume all of the advertising services are delivered on June 15, 2016.

3. Prepare the journal entry to record Furtastic’s receipt of $150,000 from Willett on June 30, 2016.

4. How would Furtastic’s expectation regarding uncollectible accounts affect its recognition of revenue from the sale to Willett’s Department Store on June 1, 2016? Explain briefly.

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Apr 2018 09:04 PM My Price 7.00

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