Homework Answers
Solution:
| Assets | = | Liabilities | + | Stockholder's equity | ||||||||||
| Retained Earnings | ||||||||||||||
| Cash | = | Notes Payable | + | Interest payable | + | Common stock | + | Revenue | - | Expenses | - | Dividends | ||
| a | $73,200.00 | $73,200.00 | ||||||||||||
| b | $3,294.00 | $3,294.00 | Interest expense | |||||||||||
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Cullumber Company borrows $73,200 on July 1 from the bank by signing a $73,200,9%, 1-year note...
Brief Exercise 8-2 Sheridan Company borrows $61,200 on July 1 from the bank by signing a...
Brief Exercise 8-2 Sheridan Company borrows $61,200 on July 1 from the bank by signing a $61,200, 6%, 1-year note payable. Prepare a tabular summary to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability...
Question 10 View Policies Current Attempt in Progress Crane Company borrows $63,600 on July 1 from...
Question 10 View Policies Current Attempt in Progress Crane Company borrows $63,600 on July 1 from the bank by signing a $63,600,6%, 1-year note payable. Prepare a tabular summary to record(a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the...
Briel Exercise 8-2 Oriole Company borrows $68,400 on July 1 from the bank by signing a...
Briel Exercise 8-2 Oriole Company borrows $68,400 on July 1 from the bank by signing a $68,400, 6%, 1-year note payable. Prepare a tabular summary to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Llab was reduced.) Assets Liabilities Stockholders'...
Cullumber Company borrows $87.600 on July 1 from the bank by signing a $87,600, 10%, 1-year...
Cullumber Company borrows $87.600 on July 1 from the bank by signing a $87,600, 10%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is ent Debit Credit Date Account Titles and Explanation July 1 Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the manually.) Date Account Titles and Explanation Debit Credit Dec...
A partial tabular summary for Metlock, Inc. on March 31 of the current year includes the...
A partial tabular summary for Metlock, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Assets Liabilities + Stockholders' Equity Acc. Depr: Int. Unearn. Rent Com. Reatined Earnings Supplies + Prepaid Insurance + Equip. - Equip - Pay + Notes Pay + Rev. + Stock + Rev.. Exp. Div Bal. 3,640 2,700 28,900 8,670 0 18,100 11.250 An analysis of the accounts shows the following 1. The equipment depreciates $400...
Exercise 7-7 Cullumber Company has delivery equipment that cost $53,100 and has been depreciated $23,800. Prepare...
Exercise 7-7 Cullumber Company has delivery equipment that cost $53,100 and has been depreciated $23,800. Prepare a tabular summary to record the disposal under the following assumptions. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense...
Oriole Company borrows $93,600 on July 1 from the bank by signing a $93,600,7%, 1-year note payable.
Oriole Company borrows $93,600 on July 1 from the bank by signing a $93,600,7%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
Oriole Company borrows $93,600 on July 1 from the bank by signing a $93,600,7%, 1-year note payable.
Oriole Company borrows $93,600 on July 1 from the bank by signing a $93,600,7%, 1-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
Question 4 of 10 -/1 E View Policies Current Attempt in Progress At the end of...
Question 4 of 10 -/1 E View Policies Current Attempt in Progress At the end of its first year, a tabular summary of transactions for Pina Colada Corp. before adjustments include the following selected account information. Liabilities + Assets Acc Equipment Depr.-Equip. 26,400 0 Stockholders'Equity Com. Exp. Stock + Rev. (Depr.) 0 Div. Bal. Depreciation for the year is estimated to be $3,300. Record the adjustment for depreciation in the tabulat summary and indicate the adjusted balance in each account....
During 2022, Cullumber Company entered into the following transactions. 1. Purchased equipment for $334,720 cash. 2....
During 2022, Cullumber Company entered into the following transactions. 1. Purchased equipment for $334,720 cash. 2. Issued common stock to investors for $139,950 cash. 3. Purchased inventory of $68,130 on account. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was...
Brief Exercise 8-2 Sheridan Company borrows $61,200 on July 1 from the bank by signing a $61,200, 6%, 1-year note payable. Prepare a tabular summary to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability...
Question 10 View Policies Current Attempt in Progress Crane Company borrows $63,600 on July 1 from the bank by signing a $63,600,6%, 1-year note payable. Prepare a tabular summary to record(a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the...
Briel Exercise 8-2 Oriole Company borrows $68,400 on July 1 from the bank by signing a $68,400, 6%, 1-year note payable. Prepare a tabular summary to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Llab was reduced.) Assets Liabilities Stockholders'...
Cullumber Company borrows $87.600 on July 1 from the bank by signing a $87,600, 10%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is ent Debit Credit Date Account Titles and Explanation July 1 Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the manually.) Date Account Titles and Explanation Debit Credit Dec...
A partial tabular summary for Metlock, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Assets Liabilities + Stockholders' Equity Acc. Depr: Int. Unearn. Rent Com. Reatined Earnings Supplies + Prepaid Insurance + Equip. - Equip - Pay + Notes Pay + Rev. + Stock + Rev.. Exp. Div Bal. 3,640 2,700 28,900 8,670 0 18,100 11.250 An analysis of the accounts shows the following 1. The equipment depreciates $400...
Exercise 7-7 Cullumber Company has delivery equipment that cost $53,100 and has been depreciated $23,800. Prepare a tabular summary to record the disposal under the following assumptions. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense...
Question 4 of 10 -/1 E View Policies Current Attempt in Progress At the end of its first year, a tabular summary of transactions for Pina Colada Corp. before adjustments include the following selected account information. Liabilities + Assets Acc Equipment Depr.-Equip. 26,400 0 Stockholders'Equity Com. Exp. Stock + Rev. (Depr.) 0 Div. Bal. Depreciation for the year is estimated to be $3,300. Record the adjustment for depreciation in the tabulat summary and indicate the adjusted balance in each account....
During 2022, Cullumber Company entered into the following transactions. 1. Purchased equipment for $334,720 cash. 2. Issued common stock to investors for $139,950 cash. 3. Purchased inventory of $68,130 on account. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was...
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