Cheyenne Corporation obtained a franchise from Sage Hill Inc. for a cash payment of $128,000 on April 1, 2020. The franchise grants Cheyenne the right to sell certain products and services for a period of 8 years. Prepare Cheyenne's April 1 journal entry and December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Cheyenne Corporation obtained a franchise from Sage Hill Inc. for a cash payment of $128,000 on April 1, 2020. The franchise grants ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
When a note receivable is dishonored, A. the face value of the note may be written off. B. Accounts Receivable is credited if eventual collection is expected. C. bad debts expense is recorded. D. interest revenue is never recorded.
Answers (1)
Assuming no direct factory overhead costs (i. e., inventory carry costs) and $3 million dollars in combined promotion and sales budget, the Dune product manager wishes to achieve a product contribution margin of 35%.
Answers (1)
Why is a high-quality bond typically considered a lower-risk investment than a stock? AWell-established company stocks pay dividends to their investors. BBonds are issued by many different entities.
Answers (1)
If hawkins manufacturing purchased $13,000 in metal, $6,000 in cloth, and $2,000 in cleaning supplies, the raw materials inventory would have
Answers (1)
In 1984, 83% of all new cars sold in the U. S. had air conditioning and 39% had power windows. Use Venn diagrams to determine: b) the minimum possible percentage of these cars that had both air conditioning and power windows;
Answers (1)
New Questions in Business
Assume that a speculator purchases a put option on British pounds (with a strike price of $1.50) for $.05 per unit. A pound option represents 31,250 units. Assume that at the time of the purchase, the spot rate of the pound is $1.
Answers (1)
In January the company produced 4,400 units using 10,180 pounds of the direct material and 2,160 direct labor-hours. During the month, the company purchased 10,750 pounds of the direct material at a cost of $76,630.
Answers (1)
The business judgment rule has been replaced by good faith statutes in most states. True or False
Answers (1)
Replace present refrigerators with similar refrigerators at a cost of $20 x 106. Option 2. Replace present refrigerators with lake-source cooling at a cost of $50 x 106. However, the lake-source cooling would save 1.
Answers (1)
For February, sales revenue is $700,000; sales commissions are 5% of sales; the sales manager's salary is $96,000; advertising expenses are $90,000; shipping expenses total 2% of sales;
Answers (1)