What are the journal entries for the following transactions: 1. Blue Ridge purchased a 12 month...
What are the journal entries for the following transactions:
1. Blue Ridge purchased a 12 month insurance policy that was effective April 1, 2019 for a premium of $4320.
2. Blue Ridge issued a 6%, interest bearing note payable on October 1, 2019. The note matures on April 1,202. Interest and principal will be paid at the maturity date.
3. Accrued salaries at December 31 amounted to $31,560
Homework Answers
Journal entry
| No | General Journal | Debit | Credit |
| Apr 1 | Prepaid insurance | 4320 | |
| cash | 4320 | ||
| Dec 31 | Insurance expense (4320/12*9) | 3240 | |
| Prepaid insurance | 3240 | ||
| 2 | Amount is not given in question | ||
| 3 | Salaries expense | 31560 | |
| Salaries payable | 31560 | ||
Add Answer to:
What are the journal entries for the following transactions:
1. Blue Ridge purchased a 12 month...
1. Prepare the adjusting journal entries for the following transactions. (If no entry is required for...
1. Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Supplies for office use were purchased during the year for $560, of which $130 remained on hand (unused) at year-end. Interest of $280 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. At year-end, salaries and wages payable of $3,900 had...
For each of the following transactions for the Sky Blue Corporation, prepare the adjusting journal entries...
For each of the following transactions for the Sky Blue Corporation, prepare the adjusting journal entries required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Collected $2,550 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. Paid $1,320 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. Used a machine purchased on...
2. At October 31, the company made several adjusting entries. Prepare entries for the adjustments below...
2. At October 31, the company made several adjusting entries. Prepare entries for the adjustments below and post them to the t-accounts, creating new accounts as necessary. The company paid the entire premium on a 1-year insurance policy on June 1, 2015, with the insurance used up evenly throughout the life of the policy. This is the only insurance policy in force on September 30, 2015. a. DR 100 CR 100 b. Employees earned salaries of $3,200 during the last...
Prepare journal entries to record the following transactions related to long-term bonds of Brooks Inc. (Show...
Prepare journal entries to record the following transactions related to long-term bonds of Brooks Inc. (Show Calculations!) a) On April 1, 2020, Brooks issued $2,000,000, 9% bonds when the market rate was 9%. Interest is payable semi-annually on October 1 and April 1, and the bonds mature on April 1, 2030. b) On October 1, 2020, Brooks Inc. paid the interest due. c) On December 31, 2020, Brooks Inc. accrued interest. d) On April 1, 2021, Brooks Inc. paid the...
1. During October, the company had several transactions. Prepare journal entries for the transactions below and...
1. During October, the company had several transactions. Prepare journal entries for the transactions below and post them to the t-accounts. a. Sold merchandise with an original cost of $73,000 on account for a total selling price of $170,000 DR Accounts Receivable CR Revenue 170,000 170,000 DR COGS CR Inventory 73,000 73,000 I b. Purchased merchandise inventory on account from various suppliers for $92,600. DR Inventory CR Accounts Payable 92,600 92,600 c. Paid rent of $23,500 for the month of...
Exercise 13-2 The following are selected 2017 transactions of Blue Spruce Corporation. Sept. 1 Purchased inventory...
Exercise 13-2 The following are selected 2017 transactions of Blue Spruce Corporation. Sept. 1 Purchased inventory from Orion Company on account for $44,400. Blue Spruce uses a periodic inventory system and records purchases using the gross method of accounting for purchase discounts. Oct. 1 Issued a $44,400, 12-month, 9% note to Orion in payment of Blue Spruce’s account. 1 Borrowed $76,800 from the bank by signing a 12-month, non–interest-bearing $80,000 note. Prepare journal entries for the selected transactions above. (Credit...
Prepare journal entries to record the following transactions related to long-term bonds of Brooks Inc. (Show...
Prepare journal entries to record the following transactions related to long-term bonds of Brooks Inc. (Show Calculations!) a) On April 1, 2020, Brooks issued $2,000,000, 9% bonds when the market rate was 9%. Interest is payable semi-annually on October 1 and April 1, and the bonds mature on April 1, 2030. b) On October 1, 2020, Brooks Inc. paid the interest due. c) On December 31, 2020, Brooks Inc. accrued interest. d) On April 1, 2021, Brooks Inc. paid the...
Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the...
Problem 11-1A Short-term notes payable transactions and
entries LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
Glencoe Inc. operates with a June 30 year-end. During 2017, the following transactions occurred: January 1:...
Glencoe Inc. operates with a June 30 year-end. During 2017, the following transactions occurred: January 1: Signed a one-year, 10% loan for $25,000. Interest and principal are to be paid at maturity. January 10: Signed a line of credit with Little Local Bank to establish a $400,000 line of credit. Interest of 9% will be charged on all borrowed funds. February 1: Issued a $20,000 non-interest-bearing, six-month note to pay for a new machine. Interest on the note, at 12%,...
Notes Problems Problem 1 Part A: Prepare journal entries for each of the following transactions for...
Notes Problems Problem 1 Part A: Prepare journal entries for each of the following transactions for the barbecue restaurant The Grill Next Door. a. On October 1, $15,000 was paid for a one-year fire insurance policy. b. On June 30, the company lent its chief financial officer $10,000; principal and interest at 5% are due in one year. c. Equipment costing $60,000 was purchased at the beginning of the year for cash. Part B: Prepare the necessary adjusting entries at...
2. At October 31, the company made several adjusting entries. Prepare entries for the adjustments below and post them to the t-accounts, creating new accounts as necessary. The company paid the entire premium on a 1-year insurance policy on June 1, 2015, with the insurance used up evenly throughout the life of the policy. This is the only insurance policy in force on September 30, 2015. a. DR 100 CR 100 b. Employees earned salaries of $3,200 during the last...
Prepare journal entries to record the following transactions related to long-term bonds of Brooks Inc. (Show Calculations!) a) On April 1, 2020, Brooks issued $2,000,000, 9% bonds when the market rate was 9%. Interest is payable semi-annually on October 1 and April 1, and the bonds mature on April 1, 2030. b) On October 1, 2020, Brooks Inc. paid the interest due. c) On December 31, 2020, Brooks Inc. accrued interest. d) On April 1, 2021, Brooks Inc. paid the...
1. During October, the company had several transactions. Prepare journal entries for the transactions below and post them to the t-accounts. a. Sold merchandise with an original cost of $73,000 on account for a total selling price of $170,000 DR Accounts Receivable CR Revenue 170,000 170,000 DR COGS CR Inventory 73,000 73,000 I b. Purchased merchandise inventory on account from various suppliers for $92,600. DR Inventory CR Accounts Payable 92,600 92,600 c. Paid rent of $23,500 for the month of...
Problem 11-1A Short-term notes payable transactions and
entries LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
Notes Problems Problem 1 Part A: Prepare journal entries for each of the following transactions for the barbecue restaurant The Grill Next Door. a. On October 1, $15,000 was paid for a one-year fire insurance policy. b. On June 30, the company lent its chief financial officer $10,000; principal and interest at 5% are due in one year. c. Equipment costing $60,000 was purchased at the beginning of the year for cash. Part B: Prepare the necessary adjusting entries at...
Most questions answered within 3 hours.
-
True or false? All near-death experiences (NDEs) are described
as spiritual and pleasant. What is the...
asked 1 minute from now -
Write a C++ program that will convert distance measurements from
miles to kilometers. Specifically, the program...
asked 3 minutes ago -
Given the following stresses (in MP a); in each case:
(a) Find the principal stresses σ1;...
asked 8 minutes ago -
You are one of the first engineers hired into the
manufacturing engineering department at a brand...
asked 13 minutes ago -
Suppose car models A, B, and C are popular among drivers.
Suppose 12% of the drivers...
asked 30 minutes ago -
write a program that finds the number of zeros in an 8-bit data
item using assembly...
asked 31 minutes ago -
Which statement is always true: The total energy of a closed
system...
A) is always equally...
asked 44 minutes ago -
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 2 hours ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 3 hours ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 4 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 5 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 6 hours ago