Bonita places a coupon in every box of its product. Customers may send in five coupons and $3, and the company will send them a recipe book. Enough books were purchased at a cost of $5 each. A total of 400,000 boxes of product were sold in 2010. It was predictable that 6% of the coupons would be redeemed. During 2010, 8,000 coupons were redeemed. Which entry should be made at 31st December, 2010?
Blocker, Inc. had $10,000 of notes coming due on 10th January, 2011. On January 5, 2011, the company used $2,000 of excess cash to pay off part of the note. On 8th January, 2011, a refinancing was completed. The $2,000 payment was refunded and added back to the note balance, and note was extended for another two years. On the 31st December, 2010 balance sheet, how much of the $10,000 note should be shown as current?
Carl's Video adds the amount of sales taxes collected directly in price charged for merchandise, and total amount is credited to Sales. During January, Sales was credited for $239,680. The 31st January adjusting entry to account for a 7 percent state sales tax should be