how can I solve these two questions?
Homework Answers
Part 1
|
Date |
Account title and explanation |
Debit |
Credit |
|
(a) |
Accounts Receivable |
9390 |
|
|
Sales Revenue |
9390 |
||
|
(b) |
Allowance for Sale Returns and Allowances |
644 |
|
|
Accounts Receivable |
644 |
||
|
(c) |
Sales Returns and Allowances |
207 |
|
|
Allowance for Sale Returns and Allowances |
207 |
Part 2
|
Date |
Account title and explanation |
Debit |
Credit |
|
Dec. 31, 2020 |
Bad debt expense (370500*8%)-3380 |
26260 |
|
|
Allowance for doubtful accounts |
26260 |
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how can I solve these two questions?
View Policies and Current Attempt in Progress Carla Company...
Current Attempt in Progress On July 1.2019. Carla Vista Co, purchased new equipment for $90,000. Its...
Current Attempt in Progress On July 1.2019. Carla Vista Co, purchased new equipment for $90,000. Its estimated useful life was 8 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
how can I solve these two questions? RCSLIUI 1 View Policies ice and mual Current Attempt...
how can I solve these two questions?
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how can I solve these two questions? Question 8 - 1 View Policies Current Attempt in...
how can I solve these two questions?
Question 8 - 1 View Policies Current Attempt in Progress Bramble Inc. factors receivables with a carrying amount of $202,200 to Joffrey Company for $177,700 on a with recourse basis. The recourse provision has a fair value of $1,850. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Bramble Inc. (If no entry is required, select "No Entry for the account...
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need answer to part d Current Attempt in Progress Machinery purchased for $48.600 by Sheffield Corp. on...
need answer to part d
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On January 2, 2020, Carla Company sells production equipment to Fargo Inc. for $48,000. Carla includes...
On January 2, 2020, Carla Company sells production equipment to Fargo Inc. for $48,000. Carla includes a 2-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on January 2, 2020. During 2020, Carla incurs costs related to warranties of $930. At December 31, 2020, Carla estimates that $610 of warranty costs will be incurred in the second year of the warranty. Prepare the journal entry to record this transaction on...
Question 6 View Policies Current Attempt in Progress Oriole Company had the following two transactions related...
Question 6 View Policies Current Attempt in Progress Oriole Company had the following two transactions related to its delivery truck. 1. Paid $51 for an oil change. 2. Paid $417 to install special shelving units, which increase the operating efficiency of the truck. Prepare Oriole Company's journal entries to record these two transactions. (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...
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ssignment #5: Chapter 6 Gradebook 13.35/ Question 7 View Policies Show Attempt History Current Attempt in Progress On March 1, 2020, Carla Vista Company sold goods to Tamarisk Inc. for $654.000 in exchange for a five-year, zero-interest- bearing note in the face amount of $1.053.274. The goods have an inventory cost on Carla Vista's books of $406.000. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY...
Presented below is information related to equipment owned by Marigold Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Marigold Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,360,000 1,040,000 7,280,000 4,992,000 Assume that Marigold will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
Current Attempt in Progress On July 1.2019. Carla Vista Co, purchased new equipment for $90,000. Its estimated useful life was 8 years with a $10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
how can I solve these two questions?
RCSLIUI 1 View Policies ice and mual Current Attempt in Progress el cess Splish Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $43,000 with terms 2/15,6/45. On June 12, 2020, Splish received full payment for the June 1 sale. pport Prepare the required journal entries for Splish Co. (If no entry is required, select "No Entry for the account titles and enter...
how can I solve these two questions?
Question 8 - 1 View Policies Current Attempt in Progress Bramble Inc. factors receivables with a carrying amount of $202,200 to Joffrey Company for $177,700 on a with recourse basis. The recourse provision has a fair value of $1,850. This transaction should be recorded as a sale. Prepare the appropriate journal entry to record this transaction on the books of Bramble Inc. (If no entry is required, select "No Entry for the account...
Question 12 --/1 View Policies Current Attempt in Progress Sheridan Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (8-year life) 4/1/20 Purchase goodwill (indefinite life) 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 8/1/20 Payment of copyright (5-year life) 9/1/20 Research and development costs $348,800 346,000 426,000 151,200 216,000 $1,488,000 Prepare the necessary entry to clear the...
Presented below is information related to equipment owned by Marigold Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,360,000 1,040,000 7,280,000 4,992,000 Assume that Marigold will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
need answer to part d
Current Attempt in Progress Machinery purchased for $48.600 by Sheffield Corp. on January 1, 2015, was originally estimated to have an 8-year useful life with a residual value of $3.000. Depreciation has been entered for five years on this basis. In 2020, it is determined that the total estimated useful life (including 2020) should have been 10 years with a residual value of $3.500 at the end of that time. Assume straight-line depreciation and that...
On January 2, 2020, Carla Company sells production equipment to Fargo Inc. for $48,000. Carla includes a 2-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on January 2, 2020. During 2020, Carla incurs costs related to warranties of $930. At December 31, 2020, Carla estimates that $610 of warranty costs will be incurred in the second year of the warranty. Prepare the journal entry to record this transaction on...
Question 6 View Policies Current Attempt in Progress Oriole Company had the following two transactions related to its delivery truck. 1. Paid $51 for an oil change. 2. Paid $417 to install special shelving units, which increase the operating efficiency of the truck. Prepare Oriole Company's journal entries to record these two transactions. (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...
ssignment #5: Chapter 6 Gradebook 13.35/ Question 7 View Policies Show Attempt History Current Attempt in Progress On March 1, 2020, Carla Vista Company sold goods to Tamarisk Inc. for $654.000 in exchange for a five-year, zero-interest- bearing note in the face amount of $1.053.274. The goods have an inventory cost on Carla Vista's books of $406.000. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY...
Presented below is information related to equipment owned by Marigold Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,360,000 1,040,000 7,280,000 4,992,000 Assume that Marigold will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required,...
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