On July 1, 2014, Ellsbury Inc. entered into a contract to deliver one of its specialty machines to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $2,500 in advance on July 15, 2014. Kickapoo pays Ellsbury on July 15, 2014, and Ellsbury delivers the machine (with cost of $1,600) on July 31, 2014.

Instructions

a. Prepare the journal entry on July 1, 2014, for Ellsbury.
b. Prepare the journal entry on July 15, 2014, for Ellsbury.
c. Prepare the journal entry on July 31, 2014, for Ellsbury.

Adds up the money earned by producers plus taxes paid to the goverment. a) income approach b) product approach c) expenditure approach

What role do business cycles play in a market economy

Alpine west, inc., operates a downhill ski area near lake tahoe, california. an all-day, adult ticket can be purchased for $55. adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from december 1 through april 30. the season pass is nontransferable, and the $450 price is nonrefundable. alpine expects its season pass holders to use their passes equally throughout the season. the company’s fiscal year ends on december 31. on november 6, 2009, jake lawson purchased a season ticket. required: 1. when should alpine west recognize revenue from the sale of its season passes? 2. prepare the appropriate journal entries that alpine would record on november 6 and december 31. 3. what will be included in the 2009 income statement and 2009 balance sheet related to the sale of the season pass to jake lawson?