ACCOUNTING (Advance Sales)

posted by .

Hi:

I am unsure of how to adjust Advance Sales. For Year End, DEC 31, 2011.

If my Unadjusted Balance for advance sales is $324,000 and I am told the following:

75% of the balance in Advance Sales is for garments to be made and delivered in 2012; the remaining 25% is from sales earned in 2011.

How I would I adjust?

Would I go ...

324,000 *0.25 = 81,000 and say
DR. Unearned advance sales 81000
CR. Earned advance sales 81000

Is it part of my sales account? My sales account has a balance of 1,849,000

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. it

    Explain how you would create the users for the sales organization unit and how to set up work groups in this particular situation. Keep in mind that you may have to name certain applications and allowable tasks for each individual …
  2. accounting

    Houser Appliances accounts for all sales of its merchandise on the installment basis. Following is the unadjusted trial balance at 12/31/12. Cash $45,000 Installment accounts receivable—2010 20,000 Installment accounts receivable—2011 …
  3. Fin 324

    Using the following data, compute net sales sales discounts 50,000 Accounts receivable, ending 125,000 Gross Sales 2,500,000 Inventory, ending 200,000 sales returns and allowances 75,000
  4. Math

    The total sales of a company in 2008 were $45,000. In 2011, it grew to $84,000. Use  as the number of years since 2000 and  as the total sales, and answer the following: a. What is the rate of change (slope) in the total sales?
  5. accounting

    Part 5 Cash Budgeting Landis Company has the following sales forecasts for the selected three-month period in the current year: Month Sales April $12,000 May 7,000 June 8,000 Seventy percent of sales are collected in the month of the …
  6. Accounting

    Hello, I’m having a difficult time understanding how to adjust the following unadjusted accounts: A/R …………………………………..480,000 Accum. Depr, building………116,000 Accum. Depr, equipment…332,000 Advance …
  7. Financial Accounting

    Account for warranties. Key Company offers a three-year warranty on its premium door locks. During the year, the company had sales of $100,000. Related to the sales, warranty costs should be approximately $3,000 per year. How much …
  8. Accounting

    The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2013 Debit Credit Cash $ 26,150 Merchandise inventory 14,500 Store supplies 5,000 Prepaid …
  9. accounting

    Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. Halifax only makes credit sales. The company began 2013 with an allowance for sales …
  10. Accounting

    On December 1,2016, AJNB Company commences its operation. The following transactions occured for the month of December 2016. a.) Dec.1 The owner invests 1,000,000 to start the operation of the business b.) Dec.1 Paid rent in advance …

More Similar Questions