Answer-Journal Entries
Date | Account Title and Explanation | Debit | Credit |
Dec.5 | Cash | 490 | |
Due to Customer | 490 | ||
(To record payment) | |||
Dec.31 | Cash | 821,100 | |
Sales Revenue ($821,100/105*100) | 782,000 | ||
Sales Tax Payable ($821,100/105*5) | 39,100 | ||
(To record cash sales) | |||
Dec.10 | Truck | 115,815 | |
Cash ($110,300*105/100) | 115,815 | ||
(To record purchase of truck) | |||
Dec.31 | Land Improvement | 77,400 | |
Asset Retirement Obligation | 77,400 | ||
(To record land Improvement) |
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Listed below are selected transactions of Cheyenne Department Store for the current year ending December 31...
Listed below are selected transactions of Sage Department Store for the current year ending December 31. 1. On December 5, the store received $490 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 2. During December, cash sales totaled $803,250, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. 3. ...
CALCULATOR PRINTER VERSION BACK NEXT Listed below are selected transactions of Flint Department Store for the current year ending December 31 1. On December 5, the store received $520 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15 2. During December, cash sales totaled $813,750, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following...
Exercise 11-16 Presented below is information related to equipment owned by Cheyenne Company at December 31, 2017. Cost $10,800,000 Accumulated depreciation to date 1,200,000 Expected future net cash flows 8,400,000 Fair value 5,760,000 Assume that Cheyenne will continue to use this asset in the future. As of December 31, 2017, 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, 2017. (If no entry...
Listed below are selected events transactions relating to Tamarisk, Inc. for the current year ending December 31. Tamarisk manufactures laptop computers for sale in its own stores and for sale by other retailers. On December 1, Tamarisk accepted an order from a new customer, Pearl Computers. Pearl has a questionable credit history, so Tamarisk requires a $11,000 deposit from Pearl in order to begin production on its 1. order. 2. During December, cash sales at Tamarisk's retail locations totaled $4,708,000,...
Listed below are selected events transactions relating to Metlock, Inc. for the current year ending December 31. Metlock manufactures laptop computers for sale in its own stores and for sale by other retailers. 1. On December 1, Metlock accepted an order from a new customer, Sweet Acacia Computers. Sweet Acacia has a questionable credit history, so Metlock requires a $8,000 deposit from Sweet Acacia in order to begin production on its order. 2. During December, cash sales at Metlock's retail...
Listed below are selected transactions of Jian Furniture Store for the current year ending December 31. 1. On December 1, the store purchased for cash two delivery trucks for $70,000. The trucks were purchased in a state that applies a 6% sales tax. 2. On December 10, the store received $2,000 from the local community theater as a deposit to be returned after certain furniture to be used in stage production was returned on January 10. 3. During December, cash...
On December 31, 2017, Cheyenne Company acquired a computer from Plate Corporation by issuing a $548,000 rero-interest-bearing note, payable in lon December 31, 2021. Cheyenne Company's credit rating permits to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year re and a $72,000 salvage value Your answer is correct. Prepare the journal entry for the purchase on December 31, 2017. (Round present value factor calculations to decimal places 1.25124 and the...
Some of the transactions of Blossom Company during August are listed below. Blossom uses the periodic inventory method August 10 Purchased merchandise on account, $12.500, terms 2/10, 1/30 13 Returned part of the purchase of August 10, $1,300, and received credit on account 15 Purchased merchandise on account, $15,700, terms 1/10.1/60 25 Purchased merchandise on account, $19.800 terms 2/10, 1/30 28 Paid invoice of August 15 in full Assuming that purchases are recorded at gross amounts and that discounts are...
Presented below is information from Cheyenne Computers Incorporated. July 1 Sold $20,000 of computers to Robertson Company with terms 3/15, 1/60. Cheyenne uses the gross method to record cash discounts. Cheyenne estimates allowances of $1,300 will be honored on these sales. 10 Cheyenne received payment from Robertson for the full amount owed from the July transactions. 17 Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10,n/30. 30 The Clark Store paid Cheyenne for its purchase...
The ledger of Novak Corp.on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies $8,400 Prepaid Insurance 10,080 Equipment 70,000 Accumulated Depreciation-Equipment $23,520 Notes Payable 56,000 Unearned Rent Revenue 34,720 Rent Revenue 168,000 Interest Expense Salaries and Wages Expense 39,200 An analysis of the accounts shows the following. 1. The equipment depreciates $784 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest...