Homework Answers
1. Journal Entries for purchase of new flooring:
Accrual book:
3/1/2018 New flooring (Asset) $10,000
Creditor $10,000
3/15/2018 Creditor $10,000
Cash $10,000
Cash Book:
3/1/2018 No entry required as the asset is recognised on cash is paid.
3/15/2018 New flooring (Asset) $10,000
Cash $10,000
2. Journal Entries for depreciation:
Accrual Book:
3/31/2018 Depreciation $500
New flooring (Asset) $500
Cash Book:
3/31/2018 No entry required as the depreciation is a non-cash item and no entry required in cash book.
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A. ABC Property has the following transactions in 3/2018. Indicate the amount of revenue or expense...
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For the following scenarios, indicate how much of the following items of income and expense would...
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Question 3 View Policies Current Attempt in Progress Prepare journal entries to record the following transactions...
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3. ABC Company, as lessee, enters into a lease agreement on January 1, 2018, for equipment....
3. ABC Company, as lessee, enters into a lease agreement on
January 1, 2018, for equipment. The following data are relevant to
the lease agreement:
1. The term of the noncancelable lease is 4 years, with no
renewal option. Payments of $978,446 are due on January 1of each
year.
2. The fair value of the equipment on January 1, 2018 is
$3,500,000. The equipment has an economic life of 6 years with no
salvage value.
3. ABC Company depreciates similar...
Required For each transaction, determine the amount of revenue or expense, if any, that is recorded...
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Exercise 1 Prepare journal entries to record the following transactions entered into by ABC Company: 2020...
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1. At the end of 2018, ABC Company did not make the adjusting entry to record...
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During 2018 and 2019, Kale Co. completed the following transactions relating to its bond issue. The...
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During 2018 and 2019. Kale Co. completed the following transactions relating to its bond issue. The...
During 2018 and 2019. Kale Co. completed the following transactions relating to its bond issue. The company's fiscal year ends on December 31 2018 Mar. 1 Issued $300,000 of 10 year, 7 percent bonds for $285,000. The semiannual canh payment for interest is due on March 1 and September 1, beginning September 2018. Sept. 1 Recognized interest expense including the amortization of the discount and made the semiannual cash payment for interest. Dec.31 Recognized accrued interest expense including the amortization...
1) ABC Company started business on January 1, 2018 and had the following transactions in the month of January 2018: 1. On January 2, ABC sold shares of the company and received $800,000 in cash 2. On January 4, the company bought inventory for resale from RTY Co. and promised to pay cash at a later date. The cost of the inventory was $400,000. 3. On January 8, ABC sold inventory to YUT Co. at a sale price of $400,000....
Question 3 View Policies Current Attempt in Progress Prepare journal entries to record the following transactions entered into by the Valente Company: (Credit account titles are automatically indented when the amount is entered. Do not indent manually) 2017 1 Received a $10,000, 12 % , 1-yearnote from Andrea Foley as full payment on her account. June Nov. 1 Sold merchandise on account to Patton, Inc. for $12,000, terms 2/10, n/30. Nov. 5 Patton, Inc. returned merchandise worth $500 Nov. 9...
3. ABC Company, as lessee, enters into a lease agreement on
January 1, 2018, for equipment. The following data are relevant to
the lease agreement:
1. The term of the noncancelable lease is 4 years, with no
renewal option. Payments of $978,446 are due on January 1of each
year.
2. The fair value of the equipment on January 1, 2018 is
$3,500,000. The equipment has an economic life of 6 years with no
salvage value.
3. ABC Company depreciates similar...
Required For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting Accrual-Basis Cash-Basis Transaction Revenue Expense Revenue Expense 1. Receive cash from customers at the time of service, $2,700. 2. Issue common stock for cash, $5,000 3. Receive cash from customers who were previously billed, $1,200. 4. Incur utilities cost in the current month but do not pay, $500 5. Pay workers' salaries for the current month, $600....
The following transactions affected ABC, Inc., using this information, create T- accounts and record the transactions in general journal, then prepare a trial balance using the proper format. You need to type below three (T-account, General journal and Trial balance) in word or excel sheets. 1. Transactions analysis into T-acct 2. Prepare General Journal for transactions 3. Prepare Trial Balance as of April 30TH Transactions: a. On April 1, John invested $10,000 in cash to start the ABC Company that...
During 2018 and 2019, Kale Co. completed the following transactions relating to its bond issue. The company's fiscal year ends on December 31. 2018 Mar. 1 Issued $360,000 of 8 year, 8 percent bonds for $348,000. The semiannual cash payment for interest is due on March 1 and September 1, beginning September 2018. Sept. 1 Recognized interest expense including the amortization of the discount and made the semiannual cash payment for interest. Dec. 31 Recognized accrued interest expense including the...
During 2018 and 2019. Kale Co. completed the following transactions relating to its bond issue. The company's fiscal year ends on December 31 2018 Mar. 1 Issued $300,000 of 10 year, 7 percent bonds for $285,000. The semiannual canh payment for interest is due on March 1 and September 1, beginning September 2018. Sept. 1 Recognized interest expense including the amortization of the discount and made the semiannual cash payment for interest. Dec.31 Recognized accrued interest expense including the amortization...
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