AC2101: If NTU-C were to record the abovementioned transactions on 31 January, 28 February and 15 March 20×2: Accounting Recognition and Measurement Assignment, NTU, Singapore

NTU Cooperative (“NTU-C”) adopts a 31 December financial year-end. On 1 January 20×2, NTU-C launched a student loyalty program where every 10-dollar sale entitled students to one loyalty point on producing their student matriculation card. Write My Assignment Hire a Professional Essay & Assignment Writer for completing your Academic Assessments Native Singapore Writers Team 100% Plagiarism-Free Essay Highest Satisfaction Rate Free Revision On-Time Delivery Students could buy an NTU T-shirt at $5 (instead of the usual selling price of $10) with 10 loyalty points. Students could earn loyalty points for sales occurring in January and February 20×2 but they had up to 15 March 20×2 to redeem their loyalty points. NTU-C expected 65% of the issued loyalty points would be redeemed for NTU T-shirts and maintained this expectation throughout the loyalty program. NTU-C issued a total of 80,000 and 70,000 loyalty points in January and February 20×2 respectively. Students redeemed 50,000, 30,000 and 13,000 points for the discounted NTU Tshirts in January, February and March 20×2 respectively. Between January and March 20×2, NTU-C was selling the NTU T-shirts at $8 each as part of its return-to-campus promotion. The cost of a NTU T-shirt was $3.50 each, which included a contribution of $0.50 per T-shirt that NTU-C would donate to NTU Student Bursary Fund at the end of the financial year based on the total number of NTU T-shirts sold in the year.  Ignore all tax effects. 3 Required (a) If NTU-C were to record the abovementioned transactions on 31 January, 28 February and 15 March 20×2, show the necessary journal entries and their supporting workings to record the transactions (to the nearest dollar) in accordance with SFRS(I) 15 Revenue from Contracts with Customers. (b) Assume instead of the abovementioned student loyalty program, NTU-C had a “spinthe-wheel” program where students were allowed to spin a wheel one(1) time for every 10 dollars of purchase made in NTU-C. Students had a 60% chance of landing on the “Option to buy a NTU T-shirt at $5” (instead of the usual selling price of $10) and 40% chance of landing on “Thanks for shopping with NTU-C”. To claim their “win”, students who landed on the “Option to buy a NTU T-shirt at $5” would need to pay for the discounted T-shirt on the spot. Explain whether the “spin-a-wheel” program qualifies as “customer options for additional goods or services” under SFRS(I) 15 Revenue from Contracts with Customers. Describe how NTU-C should account for a sale of $15 where the student landed on the “Option to buy a NTU T-shirt at $5” and decided to buy the discounted T-shirt. No journal entries are needed. Buy Custom Answer of This Assessment & Raise Your Grades Get A Free Quote


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