Homework Answers
| Journal entries | |||
| DATE | General Journal | DEBIT ($) | CREDIT ($) |
| March 31 | Sales Revenue | 504,459.00 | |
| Income Summary | 504,459.00 | ||
| (To recording closure of revenue account) | |||
| March 31 | Income Summary | 487,941.00 | |
| Cost of sales | 283,494.00 | ||
| Advertising Expense | 46,636.00 | ||
| Other Expense | 157,811.00 | ||
| (To recording closure of expense accounts) | |||
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Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end lyen in...
Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end (yen in...
Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end (yen in millions). (Enter answers in millions.) Net sales Cost of sales Advertising expense Other expense, net 1549,780 335, 196 54,834 117,907 Prepare the company's closing entries for its revenues and its expenses. View transaction list Journal entry worksheet < 1 2 Record the closure of revenue account. Note: Enter debits before credits Dato General Journal Debit Credit March 31 Following are Nintendo's revenue and expense...
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance...
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021 Debits Credits 98,000 930,000 6,500 points Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense 510,000 170.000 33,000 48,000 6.800 7,800 eBook References Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required"...
TAFF On January 1, 2021, Darnell Window and Pane issued $19.8 million of 10-year zero coupon...
TAFF On January 1, 2021, Darnell Window and Pane issued $19.8 million of 10-year zero coupon bonds for $7633.757. (EY of $1. PV of $1 EVA of $1. PVA OLS1, EVAD of S1 and PVAD of S1) (Use appropriate foctor(s) from the tables provided.) Required: 2. Determine the effective rate of interest 1. & 3. to 5. Prepare the necessary journal entries. Complete this question by entering your answers in the tabs below. Interest rate General Journal Determine the effective...
Help Save & Exte Check Tex Hardware sells many of its products overseas. The following are...
Help Save & Exte Check Tex Hardware sells many of its products overseas. The following are some selected transactions. 1. Tex sold electronic subassemblies to a firm in Denmark for 120,000 Danish kroner (Dkr) on June 6, when the exchange rate was Dkr 1 + $0.1715. Collection was made on July 3 when the rate was Dkr 1 - $0.1718 2. On July 22, Tex sold copper fittings to a company in London for £38,000 with payment due on September...
Chapter 09 Homework i Saved For the year ended December 31, Lopez Company implements an employee...
Chapter 09 Homework i Saved For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez's bonus expense is computed as $48,113. 1. & 2. Prepare the journal entry at December 31 to record the bonus due and January 19 to record payment of the bonus to employees. points View transaction list eBook Journal entry worksheet co Hint < 1 Print Record the bonus due the employees...
a. Wages of $6,000 are eamed by workers but not paid as of December 31 b....
a. Wages of $6,000 are eamed by workers but not paid as of December 31 b. Depreciation on the company's equipment for the year is $11,320 e. The Office Supplies account had a $140 debit balance at the beginning of the year. During the year, $5,761 of office supplies are purchased. A physical count of supplies at December 31 shows $626 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An...
Laker Incorporated’s fiscal year-end is December 31, 2021. The following is an adjusted trial balance as...
Laker Incorporated’s fiscal year-end is December 31, 2021. The
following is an adjusted trial balance as of December
31.
Accounts
Debit
Credit
Cash
$
11,700
Supplies
37,500
Prepaid
Rent
28,500
Accounts
Payable
$
2,700
Notes
Payable
27,000
Common
Stock
38,500
Retained
Earnings
8,700
Dividends
3,700
Service
Revenue
54,300
Salaries
Expense
19,700
Advertising
Expense
12,700
Rent
Expense
9,700
Utilities
Expense
7,700
Totals
$
131,200
$
131,200
note: "income" is not an option for journal entries
Journal entry worksheet < 1...
Buzzard Bicycle specializes in custom painting and design of bicycles. December 31 is the company's fiscal...
Buzzard Bicycle specializes in custom painting and design of bicycles. December 31 is the company's fiscal year-end. Information necessary to prepare the year-end adjusting entries appears below. 5 points Skipood 1. A three-year fire insurance policy was purchased on July 1, 2021, for $22,500. The company debited Prepaid Insurance for the entire amount. 2. Employee salaries of $28,000 for the month of December will be paid in early January 3. On November 1, 2021, the company received $10,500 in cash...
On March 15, American Eagle declares a quarterly cash dividend of $0.035 per share payable on...
On March 15, American Eagle declares a quarterly cash dividend of $0.035 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 228 million shares. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. $5.5 should be entered as 5,500,000).) View transaction list Journal entry...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,000 29,000 20,000 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals $ 1,000 10,000 30,000 7,000 2,000 56,000 18,000 11,000 8,000 6,000 $104,000 $104,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end (yen in millions). (Enter answers in millions.) Net sales Cost of sales Advertising expense Other expense, net 1549,780 335, 196 54,834 117,907 Prepare the company's closing entries for its revenues and its expenses. View transaction list Journal entry worksheet < 1 2 Record the closure of revenue account. Note: Enter debits before credits Dato General Journal Debit Credit March 31 Following are Nintendo's revenue and expense...
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021 Debits Credits 98,000 930,000 6,500 points Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense 510,000 170.000 33,000 48,000 6.800 7,800 eBook References Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required"...
TAFF On January 1, 2021, Darnell Window and Pane issued $19.8 million of 10-year zero coupon bonds for $7633.757. (EY of $1. PV of $1 EVA of $1. PVA OLS1, EVAD of S1 and PVAD of S1) (Use appropriate foctor(s) from the tables provided.) Required: 2. Determine the effective rate of interest 1. & 3. to 5. Prepare the necessary journal entries. Complete this question by entering your answers in the tabs below. Interest rate General Journal Determine the effective...
Help Save & Exte Check Tex Hardware sells many of its products overseas. The following are some selected transactions. 1. Tex sold electronic subassemblies to a firm in Denmark for 120,000 Danish kroner (Dkr) on June 6, when the exchange rate was Dkr 1 + $0.1715. Collection was made on July 3 when the rate was Dkr 1 - $0.1718 2. On July 22, Tex sold copper fittings to a company in London for £38,000 with payment due on September...
Chapter 09 Homework i Saved For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez's bonus expense is computed as $48,113. 1. & 2. Prepare the journal entry at December 31 to record the bonus due and January 19 to record payment of the bonus to employees. points View transaction list eBook Journal entry worksheet co Hint < 1 Print Record the bonus due the employees...
a. Wages of $6,000 are eamed by workers but not paid as of December 31 b. Depreciation on the company's equipment for the year is $11,320 e. The Office Supplies account had a $140 debit balance at the beginning of the year. During the year, $5,761 of office supplies are purchased. A physical count of supplies at December 31 shows $626 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An...
Laker Incorporated’s fiscal year-end is December 31, 2021. The
following is an adjusted trial balance as of December
31.
Accounts
Debit
Credit
Cash
$
11,700
Supplies
37,500
Prepaid
Rent
28,500
Accounts
Payable
$
2,700
Notes
Payable
27,000
Common
Stock
38,500
Retained
Earnings
8,700
Dividends
3,700
Service
Revenue
54,300
Salaries
Expense
19,700
Advertising
Expense
12,700
Rent
Expense
9,700
Utilities
Expense
7,700
Totals
$
131,200
$
131,200
note: "income" is not an option for journal entries
Journal entry worksheet < 1...
Buzzard Bicycle specializes in custom painting and design of bicycles. December 31 is the company's fiscal year-end. Information necessary to prepare the year-end adjusting entries appears below. 5 points Skipood 1. A three-year fire insurance policy was purchased on July 1, 2021, for $22,500. The company debited Prepaid Insurance for the entire amount. 2. Employee salaries of $28,000 for the month of December will be paid in early January 3. On November 1, 2021, the company received $10,500 in cash...
On March 15, American Eagle declares a quarterly cash dividend of $0.035 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 228 million shares. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. $5.5 should be entered as 5,500,000).) View transaction list Journal entry...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,000 29,000 20,000 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals $ 1,000 10,000 30,000 7,000 2,000 56,000 18,000 11,000 8,000 6,000 $104,000 $104,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
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