Accounting Programs

Hidden asked:


I’m in an MBA accounting program and I’m stuck on two parts of my report:

1)A Fitness club offers credits toward next year’s dues for new member referrals. Management estimates that these credits will amount to approximately 10% of revenues for the up-coming year. Revenues are now in the range of $2.5 million annually.
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I want to set up a contra revenue account for these predictable referral credits.

What double entries would I make to set up the revenue contra account and once a referral happens what does the double entry look like?

Or am I looking at this all wrong?

2) Salespeople at the fitness center are paid every three months based on sales for that quarter. An adjustment is made the next quarter to their commission representing a deduction for non-payment of fees from the previous quarter which they had received commission for.
__________________________________________________ __________________
So basically right now I pay them in full for all commissions and then next quarter I deduct from each salesperson’s commission whatever commissions they received on memberships that are not honored or paid for by the customer.

In order to improve my working capital I want to set aside some of their commission to cover these fairly predictable non-payments and keep the money in my pockets until we know for sure that a membership is being honored.

How do I account for this in GAAP???

If anyone could help I’d be really grateful, I’ve been stuck on these two for a while and unable to find anything online that helps…

Jeffrey

Veronica asked:


This is my first semester at a technical school, and i’m enrolled in the accounting program. All through high school I liked math..liked my accounting classes..and now i’m taking Accounting 1 in college. I’m overwhelmed with work..and starting to re-think if accounting is what I want to do. If anyone has had this feeling..an accountant..can anyone please help me out..give me some advice as to they think I should do?

Ann

Jim Lahey asked:


Alright dudes, so i am starting my accounting program at my local col ledge in sept. It was all good and i was looking forward to doing the co-op program until i found out that it runs right through my summer vacation, which I had planned to go to Thailand for! I was REALLY set on it.

So basically my question is, to those who are familiar with the field, or better yet who have experience… how important are my 2 co-op terms of 3 months each… Will it give me a big advantage once i get my degree after four years? (the co-op program runs 1st and second year)

WHAT SHOULD I DO! ACCOUNTANTS if you were starting over and were left in the same conflict of doing work experience towards your degree, or going on the trip of your life for 3 months… i know education first…but i need some real advice on say i don;’t do the co-op…am i gonna be hugely regretting it later?

Vincent

stjohnsanglican@sbcglobal.net asked:


Looking for an easier non profit accounting program for a church. We use acs and it is $$$$ and I would like something easier and less $.

I am trying Quickbooks Nonprofit… just starting, and alittle lost.

Vincent

macka asked:


I have a BS degree in general business and in the fall semester of 2008 I returned back to the university to complete the certificate accounting program. This semester I am taking financial accounting I and tax accounting I. During the spring semester I plan to take financial accounting II and business law. Then I have four more accounting classes to complete in order the to obtain my accounting certificate. I am planning to start looking for an entry level part time or full time job in the accounting field during the summer of 2009. I am also a member of the accounting society at the university that I am attending. Please let me know what is the best way to start looking for an entry level accounting job and which accounting field is the best to choose in the beginning to get the needed experience? I prefer financial accounting. My accounting certificate program also prepares for CPA exam and do you think that it is a good idea to take the exam later on? In advance I am very thankful for your answers.

Adrian