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MRC sells a temporary pass for ten uses of the facility for a cost of $80....

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MRC sells a temporary pass for ten uses of the facility for a cost of $80;The temporary pass must be used over a three-month period. As of 12/31/x1, the number of outstanding temporary passes is 166;As ofDecember 31, 20x1 it is determined that the percentage remaining for unearned temporary pass revenue is 25%;2002: All unearned temporary pass revenue as of 12/31/x1 was earned in the first few months of 20x1;Additional temporary passes were issued throughout 20x2. The number issued were: 275;The cost of each three-month temporary pass remained at $80;It is determined that the number of outstanding temporary passes at 12/31/x1 is 100;The percentage remaining for unearned temporary pass revenue is 45%;December 31, 20x2 Record all unearned temporary pass revenue at 12/31/x1 as earned;December 31, 20x2 Record the receipt from issuance of temporary passes throughout 20x2;December 31, 20x2 Record unearned temporary pass revenue earned in 20x2

 

Paper#18728 | Written in 18-Jul-2015

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