Homework Answers
| Journal Entry | |||
| Date | Account Tittle | Debit | Credit |
| 1-Dec-17 | Cash | $1,500,000.00 | |
| Note Payable | $1,500,000.00 | ||
| TO Record Amount Borrowed | |||
| 31-Dec-17 | Interest Expense (1500000*10%*1/12) | $12,500.00 | |
| Interest Payable | $12,500.00 | ||
| To Record Interest expense for Dec 2017 | |||
| 28-Feb-18 | Interest Expense (1500000*10%*2/12) | $25,000.00 | |
| Interest Payable | $25,000.00 | ||
| To Record Interest expense for Jan and Feb 2018 | |||
| Partial Balance Sheet | |
| Current Liabilities | |
| Note Payable | $1,500,000.00 |
| Interest Payable | $12,500.00 |
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Write down the journal entry for the given business transaction and identify how it would impact...
Write down the journal entry for the given business transaction and identify how it would impact...
Write down the journal entry for the given business transaction and identify how it would impact the business: 6. A plant asset is acquired by a business on January 1, 2016, for $100,000. The asset's estimated residual value is $10,000 and its estimated life is 5 years. Management chooses to use straight-line depreciation. On January 1, 2018, management revises the total useful life to 8 years and the residual value to $5,000. Required: a) Compute the balance in Accumulated Depreciation...
PLEASE ONLY ANSWER 6 D AND 7A. and 5. 6. Aplant asset is acquired by a business on January 1, 2016, for $100,000. The...
PLEASE ONLY ANSWER 6 D AND 7A. and 5.
6. Aplant asset is acquired by a business on January 1, 2016, for $100,000. The asset's estimated residual value is $10,000 and its estimated life is 5 years. Management chooses to use straight-line depreciation. On January 1, 2018, management revises the total useful life to 8 years and the residual value to $5,000. (2 points) Required: a. Compute the balance in Accumulated Depreciation on January 1, 2018 b. Compute the Depreciation...
Journalize the following business transactions in general journal form. Identify each transaction by number. You may...
Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. Owner invested $60,000 in exchange for common stock of the corporation. 2. Hired an employee to be paid $400 per week, starting tomorrow. 3. Paid two...
Journalize the following business transactions in general journal form. Identify each transaction by number. You may...
Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Owner invested $62,500 in exchange for common stock of the corporation 2. Hired an employee to be paid $300 per week, starting tomorrow. Paid two years' rent in...
Journalize the following business transactions in general journal form. Identify each transaction by number. You may...
Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction (Credit account titles are automatically Indented when amoune is entered. Do not Indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Owner invested $58,500 in exchange for common stock of the corporation Hired an employee to be paid $400 per week, starting tomorrow. Paid two years' rent in advance. $7.400....
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal...
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry View transaction list Journal entry worksheet 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Record entry Clear entry View general journal 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry requir View transaction list Journal entry worksheet Record the entry...
Prepare journal entries for each transaction and identify the financial statement impact of each entry. The...
Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. Jan. 1 Kacy Spade, owner, invested $129,750 cash in the company. Jan. 2 The company purchased office supplies for $1,250 cash. Jan. 3 The company purchased $10,850 of office equipment on credit. Jan. 4 The company received $15,500 cash as fees for services provided to a customer. Jan. 5 The company paid $10,050...
Record the transaction effects determined in requirement 1 using a journal entry format. Issued 3,600 shares...
Record the transaction effects determined in requirement 1 using
a journal entry format.
Issued 3,600 shares for $360,000
Borrowed $130,000 cash from a local bank, payable June 30,
2020
Bought a factory building for $222,000; paid $102,000 in cash
and signed a three-year note for the balance
Paid cash for equipment that cost $240,000
Purchased supplies for $36,000 on account
Transaction General Journal Debit Credit e. Clear entry Record entry View general journal 3. Summarize the journal entry effects from...
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event,...
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Placed an order for office supplies costing $2,000. Supplier intends to deliver later in the month. Note: Enter debits before credits. Event General Journal Debit Credit a. Record entry Clear entry View general journal Rawico Communications operates fifteen radio stations throughout...
Up ence betwe en (b) Record the journal entry, if any, necessary at Det E17-22 (L04)...
Up ence betwe en (b) Record the journal entry, if any, necessary at Det E17-22 (L04) (Impairment) Elaina Company has the following investments as of December JI, Investments in common stock of Laser Company $1,500,000 Investment in debt securities of FourSquare Company $3,300,000 In both investments, the carrying value and the fair value of these two investments are the same at December stock investments does not result in significant influence on the operations of Laser Company. Elaina's debt in ered...
Write down the journal entry for the given business transaction and identify how it would impact the business: 6. A plant asset is acquired by a business on January 1, 2016, for $100,000. The asset's estimated residual value is $10,000 and its estimated life is 5 years. Management chooses to use straight-line depreciation. On January 1, 2018, management revises the total useful life to 8 years and the residual value to $5,000. Required: a) Compute the balance in Accumulated Depreciation...
PLEASE ONLY ANSWER 6 D AND 7A. and 5.
6. Aplant asset is acquired by a business on January 1, 2016, for $100,000. The asset's estimated residual value is $10,000 and its estimated life is 5 years. Management chooses to use straight-line depreciation. On January 1, 2018, management revises the total useful life to 8 years and the residual value to $5,000. (2 points) Required: a. Compute the balance in Accumulated Depreciation on January 1, 2018 b. Compute the Depreciation...
Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Owner invested $62,500 in exchange for common stock of the corporation 2. Hired an employee to be paid $300 per week, starting tomorrow. Paid two years' rent in...
Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction (Credit account titles are automatically Indented when amoune is entered. Do not Indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Owner invested $58,500 in exchange for common stock of the corporation Hired an employee to be paid $400 per week, starting tomorrow. Paid two years' rent in advance. $7.400....
9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry View transaction list Journal entry worksheet 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Record entry Clear entry View general journal 9. Record closing entries. (If no entry is required for a particular transaction/event, select "No journal entry requir View transaction list Journal entry worksheet Record the entry...
Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. Jan. 1 Kacy Spade, owner, invested $129,750 cash in the company. Jan. 2 The company purchased office supplies for $1,250 cash. Jan. 3 The company purchased $10,850 of office equipment on credit. Jan. 4 The company received $15,500 cash as fees for services provided to a customer. Jan. 5 The company paid $10,050...
Record the transaction effects determined in requirement 1 using
a journal entry format.
Issued 3,600 shares for $360,000
Borrowed $130,000 cash from a local bank, payable June 30,
2020
Bought a factory building for $222,000; paid $102,000 in cash
and signed a three-year note for the balance
Paid cash for equipment that cost $240,000
Purchased supplies for $36,000 on account
Transaction General Journal Debit Credit e. Clear entry Record entry View general journal 3. Summarize the journal entry effects from...
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Placed an order for office supplies costing $2,000. Supplier intends to deliver later in the month. Note: Enter debits before credits. Event General Journal Debit Credit a. Record entry Clear entry View general journal Rawico Communications operates fifteen radio stations throughout...
Up ence betwe en (b) Record the journal entry, if any, necessary at Det E17-22 (L04) (Impairment) Elaina Company has the following investments as of December JI, Investments in common stock of Laser Company $1,500,000 Investment in debt securities of FourSquare Company $3,300,000 In both investments, the carrying value and the fair value of these two investments are the same at December stock investments does not result in significant influence on the operations of Laser Company. Elaina's debt in ered...
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