Archive for the ‘Corporations’ Category

How do you account for a free gift card? Is a liability created? What journal entries would you make?

asdf a asked:


What journal entries would you make to document a free $10 gift card that was given as the result of a $50 cash purchase. I’m assuming a $10 liability is being created after the initial $50 transaction. Also, what FASB pronouncements are in existance that would back up your answer? Any help would be greatly appreciated.

Should I be entitled to a free gift card or something?

Joyful asked:


So I ordered two shades online at JCPenney.com in mid-october. Both came, and one, however labeled the correct color, wasn’t the right color on the inside. So I had to drive an hour away to an actual store to return it, and reorder the correct one. They gave me my tax back for my benifit, I think. Now as nearly a month has passed since the reorder, I called to check on the status of the replacement shade. Turns out UPS damaged the shade, threw it away and didn’t do anything about it. It’s in JCP’s records, but no reorder or refund has been given to me. I’m about to call JCP back and ask if there has been any new plan of action as to when I’m gonna get my shade.
Now, I don’t want to be a pain or anything, and I want to do the right thing But I’m irritated and I want my shade, and I kinda want my money back too. Or at least a free gift card or something. Should I ask? Am I entitled to anything here?
THANKS
Drama–I think you’re right. They didn’t give the tax back, I think they gave the shipping and handling back.
Ever since the first order, they’ve been offering me free S&H on online orders via email. I havent taken them up on the offer though, as I’m still waiting on the shade.
JCA–this is an item that is not available in the store, only online.

I am trying to handle this situation as peacable as possible.
good advice wiguy
UGH—I just called and customer relations is trying to resolve things. Nothings done yet….:(

How do I get amazon gift cards free, for surveys, for valid, legal, easy websites? I’ve been looking forever.

BennyFoldsFive asked:


How do I get amazon gift cards free, for surveys, for valid, legal, easy websites? I’ve been looking forever. please help. thanks.