Homework Answers
| Date | Account Title | Post. Ref. | Debit | Credit | |
| August 31 | Cash | 233200 | |||
| Sales | 220000 | ||||
| Sales Taxes payable | 13200 | =220000*6% | |||
| August 31 | Accounts Receivable | 286200 | |||
| Sales | 270000 | ||||
| Sales Taxes payable | 16200 | =270000*6% | |||
| August 31 | Sales Taxes payable | 29400 | =13200+16200 | ||
| Cash | 29400 |
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During August, Hill Sales Company had these summary transactions: 1. Cash sales of $220,000, subject to...
Instructions X Chart of Accounts х CHART OF ACCOUNTS Gundrum Company purchased equipment on January 1,...
Instructions X Chart of Accounts х CHART OF ACCOUNTS Gundrum Company purchased equipment on January 1, 2015 for $874,600. The equipment was expected to have a useful life of 10 years and a salvage value of $32,000. Gundrum uses the straight-line method of depreciation. At the beginning of 2020, Gundrum determined the total estimated life of the equipment was 13 years and the residual value would be $10,400 at the end of that time. Gundrum Company General Ledger Required: Prepare...
On December 1, 2019, Insto Photo Company purchased merchandise, invoice price $32,000, and issued a 6%,...
On December 1, 2019, Insto Photo Company purchased merchandise, invoice price $32,000, and issued a 6%, 120-day note to Ringo Chemicals Company. Insto uses the calendar year as its fiscal year and uses the perpetual inventory system. Required: Prepare journal entries on Insto's books to record the preceding information, including the adjusting entry at the end of the year and payment of the note at maturity. Chart of Accounts Insto Photo Company General Ledger ASSETS REVENUE 111 Cash 411 Sales...
Instructions On June 1, Snow Company established a petty cash fund of $1,000 to pay for...
Instructions On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies. A count at the end of the month shows $325 remaining in the fund, while the vouchers indicate that $650 of costs were incurred. Required: Prepare the journal entries to establish the petty cash fund on June 1 and replenish the fund on June 30. Or CHART OF ACCOUNTS rer bnth Snow Company General Ledger ASSETS REVENUE 111 Cash 411 Sales...
Chart of Accounts: Hemingway Company purchases equipment by issuing a 7-year, $420,000 non-interest-bearing note, when the...
Chart of Accounts:
Hemingway Company purchases equipment by issuing a 7-year, $420,000 non-interest-bearing note, when the market rate for this type of note is 7%. Hemingway will pay off the note with equal payments to be made at the end of each year. Required: Prepare the journal entry to record Hemingway's acquisition of the equipment. Prepare the journal entry to record Hemingway's acquisition of the equipment on January 1. General Journal Instructions PAGE 10 GENERAL JOURNAL DATE ACCOUNT TITLE POST....
On January 1, 2017, Fro-Yo Inc. began offering customers a cash rebate of $5.00 if the customer mails in 10 proof-of-purchase labels from its frozen yogurt containers. Based on historical experience,...
On January 1, 2017, Fro-Yo Inc. began offering customers a cash
rebate of $5.00 if the customer mails in 10 proof-of-purchase
labels from its frozen yogurt containers. Based on historical
experience, the company estimates that 20% of the labels will be
redeemed. During 2017, the company sold 5,000,000 frozen yogurt
containers at $1, cash, per container. From these sales, 800,000
labels were redeemed in 2017, 150,000 labels were redeemed in 2018,
and the remaining labels were never redeemed.
Required:
1....
structions McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made...
structions McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of $1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. At the end of the first quarter of 2020, McKinney & Co. reevaluates its receivables. McKinney's management decides that $8,500 due from Mangold Corporation will not be collectible. This amount was previously included in the allowance account. On April 23, 2020, McKinney & Co, receives a check from Mangold...
On December 1 of the current year, Jordan Inc. assigns $125,000 of its accounts receivable to...
On December 1 of the current year, Jordan Inc. assigns $125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a $750 service fee, advances 85% of Jordan's accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance On December 31, Jordan Inc. received $50,000 on assigned accounts. Required: Prepare Jordan's journal entries to record the cash receipt and the payment to McLaughlin structions Chart of Accounts CHART OF ACCOUNTS Laugh on...
Rand Company's payroll on December 31 of the current year is as follows: • total payroll,...
Rand Company's payroll on December 31 of the current year is as follows: • total payroll, $500,000 • payroll in excess of $128,400 to each employee, $350,000 • payroll in excess of $7,000 to each employee, $400,000 • income taxes withheld, $85,000 • union dues withheld, $10,000 • tax rates: state unemployment tax, 5.4%; FICA tax, 8% for employees and 8% for employers for any amounts over $117,000; federal unemployment tax, 0.6% Required: Prepare the journal entries for Rand's payroll...
(#6) Held-to-Maturity Bond Investment On January 1, 2018, Gatrong Corporation purchased 13%, 5-year Fleming Corporation bonds...
(#6) Held-to-Maturity Bond Investment On January 1, 2018, Gatrong Corporation purchased 13%, 5-year Fleming Corporation bonds with a face value of $200,000. It expects to hold these bonds until maturity. The bonds pay interest semiannually on June 30 and December 31. Gatrong paid $215,075, a price that yields a 11% effective annual interest rate. Required: Prepare the journal entry of Gatrong to record the purchase of the bonds. CHART OF ACCOUNTS Gatrong Corporation General Ledger ASSETS 111 Cash 121 Accounts...
Straight-Line Discount Amortization Instructions Chart of Accounts General Journal Instructions Bryan Company issued $510,000 of 9%...
Straight-Line Discount Amortization Instructions Chart of Accounts General Journal Instructions Bryan Company issued $510,000 of 9% face value bonds on January 1, 2016, for $498,840. The bonds are due December 31, 2018, and pay interest semiannually on June 30 and December 31. Bryan uses the straight-line amortization method. Required: Prepare the journal entries to record the issuance of the bonds and the first two interest payments. Chart of Accounts CHART OF ACCOUNTS Bryan Company General Ledger ASSETS 111 Cash 121...
Instructions X Chart of Accounts х CHART OF ACCOUNTS Gundrum Company purchased equipment on January 1, 2015 for $874,600. The equipment was expected to have a useful life of 10 years and a salvage value of $32,000. Gundrum uses the straight-line method of depreciation. At the beginning of 2020, Gundrum determined the total estimated life of the equipment was 13 years and the residual value would be $10,400 at the end of that time. Gundrum Company General Ledger Required: Prepare...
On December 1, 2019, Insto Photo Company purchased merchandise, invoice price $32,000, and issued a 6%, 120-day note to Ringo Chemicals Company. Insto uses the calendar year as its fiscal year and uses the perpetual inventory system. Required: Prepare journal entries on Insto's books to record the preceding information, including the adjusting entry at the end of the year and payment of the note at maturity. Chart of Accounts Insto Photo Company General Ledger ASSETS REVENUE 111 Cash 411 Sales...
Instructions On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies. A count at the end of the month shows $325 remaining in the fund, while the vouchers indicate that $650 of costs were incurred. Required: Prepare the journal entries to establish the petty cash fund on June 1 and replenish the fund on June 30. Or CHART OF ACCOUNTS rer bnth Snow Company General Ledger ASSETS REVENUE 111 Cash 411 Sales...
Chart of Accounts:
Hemingway Company purchases equipment by issuing a 7-year, $420,000 non-interest-bearing note, when the market rate for this type of note is 7%. Hemingway will pay off the note with equal payments to be made at the end of each year. Required: Prepare the journal entry to record Hemingway's acquisition of the equipment. Prepare the journal entry to record Hemingway's acquisition of the equipment on January 1. General Journal Instructions PAGE 10 GENERAL JOURNAL DATE ACCOUNT TITLE POST....
On January 1, 2017, Fro-Yo Inc. began offering customers a cash
rebate of $5.00 if the customer mails in 10 proof-of-purchase
labels from its frozen yogurt containers. Based on historical
experience, the company estimates that 20% of the labels will be
redeemed. During 2017, the company sold 5,000,000 frozen yogurt
containers at $1, cash, per container. From these sales, 800,000
labels were redeemed in 2017, 150,000 labels were redeemed in 2018,
and the remaining labels were never redeemed.
Required:
1....
structions McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of $1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. At the end of the first quarter of 2020, McKinney & Co. reevaluates its receivables. McKinney's management decides that $8,500 due from Mangold Corporation will not be collectible. This amount was previously included in the allowance account. On April 23, 2020, McKinney & Co, receives a check from Mangold...
On December 1 of the current year, Jordan Inc. assigns $125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a $750 service fee, advances 85% of Jordan's accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance On December 31, Jordan Inc. received $50,000 on assigned accounts. Required: Prepare Jordan's journal entries to record the cash receipt and the payment to McLaughlin structions Chart of Accounts CHART OF ACCOUNTS Laugh on...
Rand Company's payroll on December 31 of the current year is as follows: • total payroll, $500,000 • payroll in excess of $128,400 to each employee, $350,000 • payroll in excess of $7,000 to each employee, $400,000 • income taxes withheld, $85,000 • union dues withheld, $10,000 • tax rates: state unemployment tax, 5.4%; FICA tax, 8% for employees and 8% for employers for any amounts over $117,000; federal unemployment tax, 0.6% Required: Prepare the journal entries for Rand's payroll...
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