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(21 Prepare journal entries for the following independent transactions. a. Erratic Corp. traded in...
Tra Please enter the following information, taken at month-end, in the trial balance by entering the...
Tra Please enter the following information, taken at month-end, in the trial balance by entering the letter on the left) and amount on the right of each adjustment in the "Adjustments' column, for the appropriate accounts. Then fill in the 'Adjusted Trial Balance column with the balances of each account Interest of 5430 has accrued on a bank loan and is unrecorded b. A building Holden Corp. owns is rented out for $1,000 each month. The current month's rent has...
Q.3 Prepare the journal entries to record the following transactions for Eklund Company which has a...
Q.3 Prepare the journal entries to record the following transactions for Eklund Company which has a calendar year end and uses the straight-line method of depreciation. a)On September 30, 2011, the company exchanged old delivery equipment and $24,000 for new delivery equipment. The old delivery equipment was purchased on January 1, 2009, for $84,000 and was estimated to have a $12,000 salvage value at the end of its 5-year life. Depreciation on the delivery equipment has been recorded through December...
Please show T-Accounts as well. JOURNAL ENTRIES -- Prepare the journal entries for the following activities. (5 poin...
Please show T-Accounts as well.
JOURNAL ENTRIES -- Prepare the journal entries for the following activities. (5 points each) Sold office equipment for $700. The equipment originally cost $2,000 and has accumulated depreciation of $1,500. Sold merchandise on account for $2,000. Cost of the merchandise was $1,200. 3. Received advance payment of $3,000 for services to be provided next month. Purchased new office equipment costing $4,000 by paying $1,500 in cash and signing a note for the balance. Received payment...
During 2018, Zora Company completed the following transactions: i (Click the icon to view transactions.) Record...
During 2018, Zora Company completed the following transactions: i (Click the icon to view transactions.) Record the transactions in the joumal of Zora Company. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) Jan. 1: Traded in old office equipment with book value of $60,000 (cost of $129,000 and accumulated depreciation of $69,000) for new equipment Zora also paid $60,000 in cash. Fair value of new equipment is $130,000. Assume the exchange...
Adjusting Journal Entries
Shredding Machine Supplies on hand at March 31st had a cost of 6,600.The Prepaid Insurance balance represents insurance that covers RCI from Jan 1, 2021 to June 30, 2021. No adjustments have been made since the original entry. Prepaid Insurance- $9000March 1 – RCI received $4,200 from the not-for-profit group in rent which covers the months of March, April and May. The office assistant recorded the full amount in Rent Revenue.Wages –There are two remaining working days in March (30 and 31) to be...
Prepare journal entries to record each of the January through March transactions. Serial Problem Business Solutions...
Prepare journal entries to
record each of the January through March transactions.
Serial Problem Business Solutions LO P1, P2, P3, P4 (The following information applies to the questions displayed below.) Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each...
P2-17R. Review Problem for Chapter 1 and 2 UltraLift Corp. manufactures chain hoists. The raw materials...
P2-17R. Review Problem for Chapter 1 and 2
UltraLift Corp. manufactures chain hoists. The raw materials
inventories on hand on October 1 were as follows:
The balances in the ledger accounts on October 1 were as
follows:
Transactions during October were as follows:
Payroll recorded during the month: direct labor, $28,000;
indirect labor, $4,800.
Indirect materials purchased for cash, $1,000.
Materials purchased on account: chain–4,000 lb, $8,800;
pulleys–2,000 sets, $10,200; steel plates–5,000 units, $3,000.
Sales on account for the month,...
Please answer a, b, and c with explanations: Requirement: Show the journal entries needed for the...
Please answer a, b, and c with explanations:
Requirement:
Show the journal entries needed for the items
above. Note that new accounts may be created if
needed.
Show a post-adjustment income statement and balance sheet (with
proper titles) as of December 31, 2015.
Prepare the necessary closing entries for Trotsky Corp. for
Year 2015.
The following question consists of three parts (a, b and c). Trotsky Corp. had the following trial balance, before adjustments, on December 31, 2015: Debit Credit Cash...
Use the following TRANSACTIONS AND ADDITIONAL INFORMATION to complete the General Journal, Ledger, Worksheet and Financial...
Use the following TRANSACTIONS AND ADDITIONAL INFORMATION to complete the General Journal, Ledger, Worksheet and Financial Statements for the first month of operations for The Golf Club. Use the Perpetual Inventory method as discussed in class for all sales of merchandise. TRANSACTION # DATE TRANSACTION DESCRIPTION 1 Sept 1 At the beginning of September, three brothers organized The Golf Club by contributing $60,000 each to begin the new business in exchange for shares of stock. 2 Sept 2 Signed a...
Instructions Chart of Accounts ! Journal Instructions The following transactions, adjusting entries, and closing entries were...
Instructions Chart of Accounts ! Journal Instructions The following transactions, adjusting entries, and closing entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. 2014 Jan. 4. Nov. 2. Dec. 31. Purchased a used delivery truck for $28,000, paying cash. Paid garage $675 for miscellaneous repairs to the truck. Recorded depreciation on the truck for the year. The estimated useful life of the...
Tra Please enter the following information, taken at month-end, in the trial balance by entering the letter on the left) and amount on the right of each adjustment in the "Adjustments' column, for the appropriate accounts. Then fill in the 'Adjusted Trial Balance column with the balances of each account Interest of 5430 has accrued on a bank loan and is unrecorded b. A building Holden Corp. owns is rented out for $1,000 each month. The current month's rent has...
Please show T-Accounts as well.
JOURNAL ENTRIES -- Prepare the journal entries for the following activities. (5 points each) Sold office equipment for $700. The equipment originally cost $2,000 and has accumulated depreciation of $1,500. Sold merchandise on account for $2,000. Cost of the merchandise was $1,200. 3. Received advance payment of $3,000 for services to be provided next month. Purchased new office equipment costing $4,000 by paying $1,500 in cash and signing a note for the balance. Received payment...
During 2018, Zora Company completed the following transactions: i (Click the icon to view transactions.) Record the transactions in the joumal of Zora Company. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) Jan. 1: Traded in old office equipment with book value of $60,000 (cost of $129,000 and accumulated depreciation of $69,000) for new equipment Zora also paid $60,000 in cash. Fair value of new equipment is $130,000. Assume the exchange...
Prepare journal entries to
record each of the January through March transactions.
Serial Problem Business Solutions LO P1, P2, P3, P4 (The following information applies to the questions displayed below.) Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each...
P2-17R. Review Problem for Chapter 1 and 2
UltraLift Corp. manufactures chain hoists. The raw materials
inventories on hand on October 1 were as follows:
The balances in the ledger accounts on October 1 were as
follows:
Transactions during October were as follows:
Payroll recorded during the month: direct labor, $28,000;
indirect labor, $4,800.
Indirect materials purchased for cash, $1,000.
Materials purchased on account: chain–4,000 lb, $8,800;
pulleys–2,000 sets, $10,200; steel plates–5,000 units, $3,000.
Sales on account for the month,...
Please answer a, b, and c with explanations:
Requirement:
Show the journal entries needed for the items
above. Note that new accounts may be created if
needed.
Show a post-adjustment income statement and balance sheet (with
proper titles) as of December 31, 2015.
Prepare the necessary closing entries for Trotsky Corp. for
Year 2015.
The following question consists of three parts (a, b and c). Trotsky Corp. had the following trial balance, before adjustments, on December 31, 2015: Debit Credit Cash...
Instructions Chart of Accounts ! Journal Instructions The following transactions, adjusting entries, and closing entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. 2014 Jan. 4. Nov. 2. Dec. 31. Purchased a used delivery truck for $28,000, paying cash. Paid garage $675 for miscellaneous repairs to the truck. Recorded depreciation on the truck for the year. The estimated useful life of the...
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