Homework Answers
Dear Student
Below are Journal entries in the Books of ABC Corp..
| Journal in the books of ABC Corp. | ||||
| Date | Particulars | Debit | Credit | |
| Amount | Amount | |||
| ($) | ($) | |||
| 01-01-2005 | Share Subscription Receivable (240,000 x 20) | Dr. | 48,00,000 | |
| To Common Stock Subscribed | 48,00,000 | |||
| (Being 240,000 shares are subscribed by Lucas Mapplebeck for $20/- per share to be paid in four equal instalment) | ||||
| 01-07-2005 | Cash A/c (240,000 x 5) | Dr. | 12,00,000 | |
| To Share Subscription Receivable | 12,00,000 | |||
| (Being 1st Instalment received) | ||||
| 01-01-2006 | Cash A/c (240,000 x 5) | Dr. | 12,00,000 | |
| To Share Subscription Receivable | 12,00,000 | |||
| (Being 2nd Instalment received) | ||||
| 01-07-2006 | Cash A/c (240,000 x 5) | Dr. | 12,00,000 | |
| To Share Subscription Receivable | 12,00,000 | |||
| (Being 3rd Instalment received) | ||||
| 01-01-2007 | Cash A/c (240,000 x 5) | Dr. | 12,00,000 | |
| To Share Subscription Receivable | 12,00,000 | |||
| (Being 4th Instalment received) | ||||
Hope this helps
Regards
Add Answer to:
On 1 January 20X5 240,000 shares of ABC Corp. are subscribed by Lucas Mapplebeck for $20...
Journal entry worksheet Record the $2,100 rent paid for 3 months on January 1. Note: Enter...
Journal entry worksheet Record the $2,100 rent paid for 3 months on January 1. Note: Enter debits before credits. General Journal Debit Credit Date Jan 31 . Record entry Clear entry Journal entry worksheet Record the revenue for 8 voice lessons that the company has provided. The company would receive $600 from customers for 10 voice lessons ($60 per lesson) Note: Enter debits before credits. Date General Journal Debit Credit Jan 31 Record entry Clear entry View general jou Record...
Journal entry worksheet 1 Record the issuance of 240,000 shares of common stock with a $1...
Journal entry worksheet 1 Record the issuance of 240,000 shares of common stock with a $1 par value for a price of $27 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 Record the purchase of 5,400 previously issued shares of common stock for a price of $28 per share. Note: Enter debits before credits. Transaction General Journal DebitCredit Record entry Clear entry View general journal
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,000 account of a customer, C. Green. On March 9, it receives a $500 payment from Green. Prepare the journal entry for January 31 and March 9. Assume no additional money is expected from Green for March 9. View transaction list Journal entry worksheet 1 2 Record the write-off of Green's $1,000 account Note: Enter debits before credits. Credit Date General Journal Debit...
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow...
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine and an additional $1,200 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Journal entry worksheet 1 2 3 Record the sale of the used machine...
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow...
Onslow Co. purchased a used machine for $240,000 cash on January
2. On January 3, Onslow paid $8,000 to wire electricity to the
machine and an additional $1,600 to secure it in place. The machine
will be used for six years and have a $28,800 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Prepare journal entries to record the machine’s disposal under
each separate situation: (a)...
Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $195,000 and appropriately...
Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $195,000 and appropriately accounted for the investment using the fair-value method On January 1, 2021, Milani purchased an additional 30 percent of Seida for $641000 which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $2,080,000 in total. Seida's January 1, 2021, book value equaled $1.930,000, although land was undervalued by $130,000. Any additional excess fair value over Selda's...
Palmona Co. establishes a $200 petty cash fund on January 1, On January 8, the fund...
Palmona Co. establishes a $200 petty cash fund on January 1, On January 8, the fund shows $91 in cash along with receipts for the following expenditures: postage, $46; transportation-in, $13; delivery expenses, $15; and miscellaneous expenses, $35. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $250 on January 8, assuming...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,500 account of a customer, C. Green. On March 9, it receives a $1,000 payment from Green. 1. Prepare the journal entry for January 31 2. Prepare the journal entries for March 9; assume no additional money is expected from Green. View transaction list View transaction list Journal entry worksheet 1 2 3 Record the write-off of Green's $1,500 account Note: Enter debits...
Palmona Co. establishes a $270 petty cash fund on January 1. On January 8, the fund...
Palmona Co. establishes a $270 petty cash fund on January 1. On January 8, the fund shows $171 in cash along with receipts for the following expenditures: postage, $43; transportation-in, $11; delivery expenses, $13; and miscellaneous expenses, $32. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $320 on January 8, assuming...
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow...
Onslow Co. purchased a used machine for $240,000 cash on January
2. On January 3, Onslow paid $8,000 to wire electricity to the
machine and an additional $1,600 to secure it in place. The machine
will be used for six years and have a $28,800 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Journal entry worksheet 2 Record the first year year-end adjusting entry for the...
Journal entry worksheet Record the $2,100 rent paid for 3 months on January 1. Note: Enter debits before credits. General Journal Debit Credit Date Jan 31 . Record entry Clear entry Journal entry worksheet Record the revenue for 8 voice lessons that the company has provided. The company would receive $600 from customers for 10 voice lessons ($60 per lesson) Note: Enter debits before credits. Date General Journal Debit Credit Jan 31 Record entry Clear entry View general jou Record...
Journal entry worksheet 1 Record the issuance of 240,000 shares of common stock with a $1 par value for a price of $27 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 Record the purchase of 5,400 previously issued shares of common stock for a price of $28 per share. Note: Enter debits before credits. Transaction General Journal DebitCredit Record entry Clear entry View general journal
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,000 account of a customer, C. Green. On March 9, it receives a $500 payment from Green. Prepare the journal entry for January 31 and March 9. Assume no additional money is expected from Green for March 9. View transaction list Journal entry worksheet 1 2 Record the write-off of Green's $1,000 account Note: Enter debits before credits. Credit Date General Journal Debit...
Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine and an additional $1,200 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Journal entry worksheet 1 2 3 Record the sale of the used machine...
Onslow Co. purchased a used machine for $240,000 cash on January
2. On January 3, Onslow paid $8,000 to wire electricity to the
machine and an additional $1,600 to secure it in place. The machine
will be used for six years and have a $28,800 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Prepare journal entries to record the machine’s disposal under
each separate situation: (a)...
Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $195,000 and appropriately accounted for the investment using the fair-value method On January 1, 2021, Milani purchased an additional 30 percent of Seida for $641000 which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $2,080,000 in total. Seida's January 1, 2021, book value equaled $1.930,000, although land was undervalued by $130,000. Any additional excess fair value over Selda's...
Palmona Co. establishes a $200 petty cash fund on January 1, On January 8, the fund shows $91 in cash along with receipts for the following expenditures: postage, $46; transportation-in, $13; delivery expenses, $15; and miscellaneous expenses, $35. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $250 on January 8, assuming...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,500 account of a customer, C. Green. On March 9, it receives a $1,000 payment from Green. 1. Prepare the journal entry for January 31 2. Prepare the journal entries for March 9; assume no additional money is expected from Green. View transaction list View transaction list Journal entry worksheet 1 2 3 Record the write-off of Green's $1,500 account Note: Enter debits...
Palmona Co. establishes a $270 petty cash fund on January 1. On January 8, the fund shows $171 in cash along with receipts for the following expenditures: postage, $43; transportation-in, $11; delivery expenses, $13; and miscellaneous expenses, $32. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $320 on January 8, assuming...
Onslow Co. purchased a used machine for $240,000 cash on January
2. On January 3, Onslow paid $8,000 to wire electricity to the
machine and an additional $1,600 to secure it in place. The machine
will be used for six years and have a $28,800 salvage value.
Straight-line depreciation is used. On December 31, at the end of
its fifth year in operations, it is disposed of.
Journal entry worksheet 2 Record the first year year-end adjusting entry for the...
Most questions answered within 3 hours.
-
You roll a fair 6-sided dice, let Y be the outcome of the dice
roll. Then...
asked 23 seconds ago -
Which of the following statements about hormonal regulation of
glycogen synthesis and degradation are correct?
Multiple...
asked 3 minutes ago -
1. Describe all
necessary steps and conditions for execution of a java".
2. What
is maven...
asked 15 minutes ago -
Use C programe to :
Develop an algorithm, flow chart and write a C program to...
asked 5 minutes ago -
What is the temperature of a 3.5L container with 1.502 mol
carbon dioxide at 10.76 atm?...
asked 10 minutes ago -
A dragster makes a pass down a track in exactly 7.03 seconds.
You do not know,...
asked 15 minutes ago -
What evidence can you provide to illustrate why
crowdsourcing is able to reduce system development costs?...
asked 19 minutes ago -
If the value of the range is equal to zero, then this indicates
that:
A. there...
asked 20 minutes ago -
Hi, I was wondering if I could get some help on a java program
that I...
asked 25 minutes ago -
Given is the peptide Ala-Lys-Lys-Asp-Phe
1) what is the pI for this peptide? show your
calculations!...
asked 30 minutes ago -
Discuss the benefits of Inventory, Reservation,
& Menu Management Systems. Assuming you are the Manager for...
asked 35 minutes ago -
Which of the following is a concern of the Epic of
Gilgamesh?
human mortality
the destiny...
asked 35 minutes ago