Prepare journal entry as follows:
Trn. | Account | Debit | Credit |
1 | Cash (150,000 shares × $10) | $1,500,000 | |
Common stock (150,000 shares × $1) | $150,000 | ||
paid in capital -excess of par (150,000 shares × $9) | $1,350,000 | ||
2 | Cash | $1,000,000 | |
Note payable | $1,000,000 | ||
3 | Land | $1,500,000 | |
Building | $500,000 | ||
Cash | $2,000,000 | ||
4 | Prepaid Insurance | $2,100 | |
Cash | $2,100 | ||
5 | Inventory | $250,000 | |
Cash ($250000/2) | $125,000 | ||
Accounts payable | $125,000 | ||
6 | Accounts payable | $125,000 | |
Cash | $125,000 | ||
7 | Cash | $150,000 | |
Sales | $150,000 | ||
8 | Utility expense | $1,850 | |
Utility payable | $1,850 | ||
9 | No entry | ||
10 | Utility payable | $1,850 | |
Cash | $1,850 | ||
11 | Accounts receivable | $24,000 | |
Sale | $24,000 | ||
12 | Cash | $24,000 | |
Accounts receivable | $24,000 | ||
13 | Salaries payable | $13,500 | |
Cash | $13,500 | ||
14 | Accounts receivable | $36,000 | |
Sale | $36,000 | ||
15 | Cash | $168,000 | |
Sales | $168,000 | ||
16 | Utility expense | $1,900 | |
Cash | $1,900 | ||
17 | Dividend | $45,000 | |
Cash (150,000 shares × $0.3) | $45,000 | ||
18 | Salaries expense | $12,600 | |
Cash | $12,600 | ||
19 | Cash | $184,000 | |
Sales | $184,000 | ||
additional entries | |||
a | COGS ($250,000 -$80,000) | $170,000 | |
Inventory | $170,000 | ||
b | Income taxes expense | $9,600 | |
Income tax payable | $9,600 | ||
c | Utility expense | $1,700 | |
Utility payable | $1,700 | ||
d | Salaries expense | $7,650 | |
Salaries payable (17 days × $150 per days × 3 ee) | $7,650 | ||
Emplyee worked from (16 jan. to 31 march) = 75 days | |||
Paid only 58 days |
unsure what exactly I am being asked to do on this but i believe its debited...
Suppose I am asked to write a 50-page document. I have looked at the requirements and determine that I can write five pages per day for 10 days. I explain to the customer that I earn $10 per hour, and we agree that I will work 10 hours per day. However, I am paid for the number of hours I work and I report the number of pages I write each day, the hours worked, and the cost. Day #1-->...
Hello, I am having issues with this
question. Please do show work, thank you very much!
Measure Maps Rizzo Goal Inc. produces and sells hockey equipment, often custom made for online orders. The company has the following performance metrics on its balanced scorecard: days from ordered to delivered, number of shipping errors, customer retention rate, and market share. A measure map illustrates that the days from ordered to delivered and the number of shipping errors are both expected to directly...
please help with the journal entries. I am confused on what
numbers to put and how to get them.
Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2021 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from 1st Bank by signing a 24 month note. (As an example of how to journalize and post a transaction -- this transaction has already been entered into the General Journal and posted to the General Ledger.) July 1 Receive...
Do people under 40 defecate more than 3 times a day? I need to find a proper hypothesis testing and I am unsure of what data to actually use to construct the claim, NULL, ALT, SIGNIFICANCE LEVEL and appropiate test statistics. (AGE/TIMES PER DAY) 40 4 43 1 42 2 70 1 66 3 27 2 69 4 70 1 47 3 48 1 43 2 28 2 37 6 20 1 20 0 39 5 24 5 21 3...
Can you do the year-end adjusting entries for the following:
1) Recognize rent revenue for the year.
2) Depreciation expense for the year is 2,556,000.
3) Recognize the expiration of the prepaid insurance policy.
4) Recognize the interest earned on the note receivable
issued.
5) Record bad debt expense for the year, assuming uses 2% of
accounts receivable to estimate their uncollectible accounts.
6) Amortization Expense for the year is 3,000.
Using this information:
Transaction No. Transaction A January 1:...
Use the following to answer questions 10-13 Indicate which of the following accounts should be debited and which should be credited. An example has been provided (ex). Purchase Office Supplies in exchange for cash Debit : N (Supplies) Credit: C (Cash)...See below. Only include the letter of the account not the account name. A Accounts payable B. Accounts receivable C Cash D. Common stock E. Dividends F. Equipment G. Notes payable H. Prepaid rent L. Rent expense J. Retained earnings...
In this exam, you will design and implement a Python class called 'Date according to the following API specifications. • Do NOT use any existing classes in your answer such as datetime. . You will design your class so that it operates correctly on another planet, where the total days in a year, total days in a month, and months per year may be different. For our planet Earth, you will assume that a year has 360 days and all...
The answer i am looking for is 7.4786% but i have no idea what
to do. Any help would be great, also please show work so i can
follow what to do. Thank you.
Exercise (9.11) Suppose that ZYX's loan in Example (9.10) is 400 million at time 0, and that ZYX has agreed to pay interest at the 1-year spot rate and also repay 100 million of principal at the end of each of the 4 years. ZYX enters...
I mainly need help with the second part. Thank you in advance! Starbucks launched its prepaid (debit) Starbucks Card in November 2001. The card, which holds between $5 and $500 can be used at any Starbucks location. Suppose Starbucks management wants to study the reasons why some people purchase debit cards with higher prepaid amounts than do other people. Suppose a study of 25 randomly selected prepaid purchasers is taken. Respondents are asked the amount of the prepaid card, the...
Starbucks enjoyed considerable success with its debit cards, which they sell for $5 to $500. Suppose a study of 25 randomly selected prepaid card purchasers is taken. Respondents are asked the amount of the prepaid card, the customer's age, the number of days per month the customer makes a purchase at Starbucks, the number of cups of coffee the customer drinks per day, and the customer's income. The data is below. How strong is the model? Explain in detail. Which...