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Deferred Rev - Internet Business

Deferred Rev - Internet Business

Hi –

Assume the scenario where a company is an online booking service for bus tickets. A sample consumer books bus fare 1 month in advance @ $100. The company receives 3% commission from the bus provider for having a customer book through its website. The company holds onto the $100 until the customer rides the bus one month later, at which point it wires the bus provider the money.  

What are the appropriate journal entries under this scenario?

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By Obinna
Dec 21st 2017 19:13

Depending on the agreement with the bus company would determine how the accounting is booked. A sale has occurred, but not yet fulfilled so revenue on both entities isn't recognizable until the customer actually rides the bus one month later. The booking company has no business with the $100 other than the book it as a and then record the 3% or $3 as a deferred

A debit to cash of $100
A credit to Sales/Booking Escrow Account for $97
A credit to deferred revenues for $3.

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