Homework Answers
| 3) | General Journal | Debit | Credit | ||||
| Cash | 40,000 | ||||||
| Accounts receivable | 35,000 | ||||||
| sales | 75,000 | ||||||
| cost of goods sold | 55,000 | ||||||
| Merchandise inventory | 55,000 | ||||||
| 4) | General Journal | Debit | Credit | ||||
| Cash | 35,000 | ||||||
| Accounts receivable | 35,000 | ||||||
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Apple sold 100 laptops to Best Buy for $75,000. Best Buy paid $40,000...
Exercise 18-19 Your answer is partially correct. Try again. On June 3, 2017, Sweet Company sold...
Exercise 18-19 Your answer is partially correct. Try again. On June 3, 2017, Sweet Company sold to Ann Mount merchandise having a sales price of $8,300 (cost $6,640) with terms of n/60, f.o.b. shipping point. Sweet estimates that merchandise with a sales value of $830 will be returned. An invoice totaling $100 was received by Mount on June 8 from Olympic Transport Service for the freight cost. Upon receipt of the goods, on June 8, Mount retuned to Sweet $300...
Problem 4-21 (Static) Record transactions and adjustments LO 2, 6, 7 Use the horizontal model, or...
Problem 4-21 (Static) Record transactions and adjustments LO 2, 6, 7 Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 100,000 shares of $5-par-value common stock for $500,000 in cash. b. Borrowed $250,000 from Oglesby National Bank and signed a 12% note due in three years. C. Incurred and paid $190,000 in salaries for the year. d. Purchased $320,000...
Name SHORT ANSWER. Write the word or phrase that best completes each statement or answers the...
Name SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1) Explain the difference between current and long-term liabilities. 2) Explain known current liabilities. 3) Discuss the types of estimated liabilities. 4) Discuss how to account for contingent liabilities. 5) Breathe Therapeutic Company is located in Medicine Hat, Alberta and is a retailer of massage supplies. Beginning inventory is $70,000, and Breathe uses the perpetual inventory system. Complete the journal entries on the...
I need chapter 3.1 done Ive already done 2.1 need chapter 3.1 done; all of the...
I
need chapter 3.1 done Ive already done 2.1
need chapter 3.1 done; all of the requirements.
SOLID FOOTING 33 Chapter 3 - Transactions Affecting Retained Earnings Chapter 3 Homework Problem 3-1 Overpriced Jeans, Inc. Rips-Off Its First Customers This problem will utilize the Over Priced Jeans company (OPJ) from Problem 2-1. Remove and use the forms on Pgs 197 to 200 to complete this problem. Notice that the beginning balances have been put into the General Ledger accounts. These...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has issued 20,000 shares of $4 par value...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has issued 20,000 shares of $4 par value common stoc Bli anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its products which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash $ 54,000 Inventory Land 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 1 4,000 Equipment 12,000 Accumulated depreciation--equipment Common...
MERCHANDISING ACOUNTING Joe B Joe Blink opened Blink Corporation. It has issued 20.000 shares of $4...
MERCHANDISING ACOUNTING Joe B Joe Blink opened Blink Corporation. It has issued 20.000 shares of $4 par value common stock. Blink anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its produce which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash Inventory Land $ 54,000 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 4,000 Equipment 12,000 Accumulated depreciation--equipment...
Problem 3-16 Comprehensive Problem (LO3-1, LO3-2, LO3-4) Gold Nest Company of Guandong, China, is a family-owned...
Problem 3-16 Comprehensive Problem (LO3-1, LO3-2, LO3-4) Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $85,500 of manufacturing overhead...
I just need help for requirement 3 which is last page Section Alphabetical Number Week #1-Chapter...
I just need help for requirement 3 which is last page
Section Alphabetical Number Week #1-Chapter |Homework Assignment Problem 1 (Textbook Reference: PI-4A) - Financial Accounting Review Problem The Homer Company uses the perpetual inventory procedure. The 2013 balance sheet of the Homer Company is as follows: Homer Company Balance Sheet December 31, 2013 ssets Current Assets Cash Accounts receivable, net Inventory Prepaid Expenses $ 60,000 S 130,000 $210,000 S 20,000 S420,000 Total current assets Land Less: Accumulated depreciation Long-Term...
please answer both questions Problem 1. Selected accounts from the ledger of Hughes Company appear below....
please answer both questions
Problem 1. Selected accounts from the ledger of Hughes Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Revenue - R Asset - A Liability - L Expense - E Capital/Equity- In the second column, indicate the increase side of each account by inserting Dr. or Cr. (b) Increase Side Type of Account Account Supplies (2) Notes Receivable...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has link Corporation. It has issued 20,000 shares...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has link Corporation. It has issued 20,000 shares of $4 par value common stock. It authorized 900,000 S od 900,000 share. The corporation is a merchandising business. Blink ventory system. Also Blink provides a 2-year warranty with one of its products which was first sold in October. Blink Corporation Trial Balance periodic inventory system September 30 Cr. Cash Dr. $ 54,000 14,000 Inventory Land 45,000 Plant Building 500,000 Accumulated Depreciation-plant Equipment 200,000...
Exercise 18-19 Your answer is partially correct. Try again. On June 3, 2017, Sweet Company sold to Ann Mount merchandise having a sales price of $8,300 (cost $6,640) with terms of n/60, f.o.b. shipping point. Sweet estimates that merchandise with a sales value of $830 will be returned. An invoice totaling $100 was received by Mount on June 8 from Olympic Transport Service for the freight cost. Upon receipt of the goods, on June 8, Mount retuned to Sweet $300...
Problem 4-21 (Static) Record transactions and adjustments LO 2, 6, 7 Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 100,000 shares of $5-par-value common stock for $500,000 in cash. b. Borrowed $250,000 from Oglesby National Bank and signed a 12% note due in three years. C. Incurred and paid $190,000 in salaries for the year. d. Purchased $320,000...
Name SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1) Explain the difference between current and long-term liabilities. 2) Explain known current liabilities. 3) Discuss the types of estimated liabilities. 4) Discuss how to account for contingent liabilities. 5) Breathe Therapeutic Company is located in Medicine Hat, Alberta and is a retailer of massage supplies. Beginning inventory is $70,000, and Breathe uses the perpetual inventory system. Complete the journal entries on the...
I
need chapter 3.1 done Ive already done 2.1
need chapter 3.1 done; all of the requirements.
SOLID FOOTING 33 Chapter 3 - Transactions Affecting Retained Earnings Chapter 3 Homework Problem 3-1 Overpriced Jeans, Inc. Rips-Off Its First Customers This problem will utilize the Over Priced Jeans company (OPJ) from Problem 2-1. Remove and use the forms on Pgs 197 to 200 to complete this problem. Notice that the beginning balances have been put into the General Ledger accounts. These...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has issued 20,000 shares of $4 par value common stoc Bli anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its products which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash $ 54,000 Inventory Land 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 1 4,000 Equipment 12,000 Accumulated depreciation--equipment Common...
MERCHANDISING ACOUNTING Joe B Joe Blink opened Blink Corporation. It has issued 20.000 shares of $4 par value common stock. Blink anplies the authorized 900,000 share. The corporation is a merchandising business. Blink appies" periodic inventory system. Also Blink provides a 2 vear warranty with one of its produce which was first sold in October. Blink Corporation Trial Balance September 30 Dr. Cash Inventory Land $ 54,000 14,000 45,000 500,000 Plant Building Accumulated Depreciation-plant 200,000 4,000 Equipment 12,000 Accumulated depreciation--equipment...
Problem 3-16 Comprehensive Problem (LO3-1, LO3-2, LO3-4) Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $85,500 of manufacturing overhead...
I just need help for requirement 3 which is last page
Section Alphabetical Number Week #1-Chapter |Homework Assignment Problem 1 (Textbook Reference: PI-4A) - Financial Accounting Review Problem The Homer Company uses the perpetual inventory procedure. The 2013 balance sheet of the Homer Company is as follows: Homer Company Balance Sheet December 31, 2013 ssets Current Assets Cash Accounts receivable, net Inventory Prepaid Expenses $ 60,000 S 130,000 $210,000 S 20,000 S420,000 Total current assets Land Less: Accumulated depreciation Long-Term...
please answer both questions
Problem 1. Selected accounts from the ledger of Hughes Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Revenue - R Asset - A Liability - L Expense - E Capital/Equity- In the second column, indicate the increase side of each account by inserting Dr. or Cr. (b) Increase Side Type of Account Account Supplies (2) Notes Receivable...
MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has link Corporation. It has issued 20,000 shares of $4 par value common stock. It authorized 900,000 S od 900,000 share. The corporation is a merchandising business. Blink ventory system. Also Blink provides a 2-year warranty with one of its products which was first sold in October. Blink Corporation Trial Balance periodic inventory system September 30 Cr. Cash Dr. $ 54,000 14,000 Inventory Land 45,000 Plant Building 500,000 Accumulated Depreciation-plant Equipment 200,000...
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