Write one paragraph discussing the accounting concepts behind reporting unearned income. State which accounts should be debited and credited, for how much, and explain why.

Prompt: The purpose of this assignment is for students to think critically about the concept of multiple performance obligations.

Caleb’s Body Shop is a gym that sells annual memberships for $1,200. Each membership sold includes 12 coupons for $1 off at the gym’s juice bar — the coupons are similar to gift cards. (When a gym membership is sold, therefore, the gym is obligated to provide two different services.) However, past experience shows that only 50% of the coupons are actually redeemed. State which accounts should be debited and credited, for how much, and explain why.

Requirements – Instructions:

Write one paragraph discussing the accounting concepts behind reporting unearned income.

Write one paragraph discussing how to report contingent liabilities.

Write one paragraph defining and explaining multiple performance obligations.

Give the journal entry to record the sale of one membership.

Write one paragraph explaining the entry in (4).

Parts 1, 2, 3, and 5 each require a labeled paragraph of at least 100 words. Part 4 does not require text, but you must show the accounting entry in the standard general journal format. The assignment must follow APA citation. (Total of 400 words)

Write one paragraph discussing the accounting concepts behind reporting unearned income. State which accounts should be debited and credited, for how much, and explain why.

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more