Homework Answers
|
Carter Co |
|||
|
Journal entry |
|||
|
Date |
Dr |
Cr |
|
|
Jan 1 |
Investment- Available for sale -Apple inc |
50,000 |
|
|
Cash |
50,000 |
||
|
To record purchase of Apple shares |
|||
|
Jan 30 |
Cash (0.15*1000) |
150 |
|
|
Dividend income |
150 |
||
|
To record dividends received from Apple |
|||
|
Feb 1 |
Accounts receivables (2,000,000*0.0087) |
17400 |
|
|
Merchandise sales |
17400 |
||
|
To record sales on accounts |
|||
|
Feb 15 |
Investment -Available for sale -Wal-Mart |
110,000 |
|
|
Cash |
110,000 |
||
|
To record purchase of Wal-Mart shares |
|||
|
Feb 28 |
Cash (2,000,000*0.0085) |
17,000 |
|
|
Foreign Exchange loss |
400 |
||
|
Accounts receivables |
17400 |
||
|
To record Cash and foreign exc loss |
|||
|
March 1 |
Cash |
54,000 |
|
|
Investment- Available for sale – Apple inc |
50,000 |
||
|
Gain on investment |
4,000 |
||
|
To record Sale of investment for profit |
|||
|
April 1 |
Cash |
107,000 |
|
|
Loss on investment |
3,000 |
||
|
Investment -Available for sale -Wal-Mart |
110,000 |
||
|
To record Sale of investment for loss |
|||
|
April 30 |
Inventories |
4,620 |
|
|
Accounts payable |
4,620 |
||
|
To record purchase of inventories on account |
|||
|
May 30 |
Accounts payable |
4,620 |
|
|
Foreign exchange loss |
20 |
||
|
Cash |
4640 |
||
|
To record cash paid and loss on Foreign exc |
|||
Note : Most of the Companies who does business with other countries have Forex loss account
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5:34 1 lLTE : X A C 112 Assignment #3.pdf AC 112 Assignment #3 Investments Carter...
P17.3 (LO 1, 2) (Debt and Equity Investments) Cardinal Paz Corp. carries an account in its...
P17.3 (LO 1, 2) (Debt and Equity Investments) Cardinal Paz Corp. carries an account in its gen- eral ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. $ 37,400 Feb. 1, 2020 April 1 110,000 Sharapova Company common stock, $100 par, 200 shares U.S. government bonds, 11%, due April 1, 2030, interest payable April 1 and October 1, 110 bonds of $1,000 par each McGrath Company 12% bonds, par $50,000, dated March 1,...
On December 1, 2018, Jack Stone forms a merchandising company, named J-Mart and set up as...
On December 1, 2018, Jack Stone forms a merchandising company, named J-Mart and set up as a proprietorship, which earns income mainly by buying and selling shoe. Stone owns and manages the business. Here are the transactions which had occurred during December of 2018. On 12/1/18, Jack Stone personally invests $1,000,000 cash in J-Mart and deposits the cash in a bank account opened under the name of J-Mart 1. On 12/1/18, J-Mart paid $48,000 for rent for 2-years (24-months, December...
Question 5 On January 1, 2017, Larkspur SA had Accounts Receivable €101,100 and Allowance for Doubtful...
Question 5 On January 1, 2017, Larkspur SA had Accounts Receivable €101,100 and Allowance for Doubtful Accounts €7,400. Larkspur prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 Sold €10,800 of merchandise to Patrick Co., terms n/30. Feb. 2 Accepted an €10,800, 4-month, 4% promissory note from Patrick for the balance due. 12 Sold €10,200 of merchandise to Marguerite SA and accepted Marguerite’s €10,200, 2-month, 7% note for the balance due. 26...
Question 5 On January 1, 2017, Buffalo SA had Accounts Receivable €96,630 and Allowance for Doubtful Accounts €9,700. Bu...
Question 5
On January 1, 2017, Buffalo SA had Accounts Receivable €96,630
and Allowance for Doubtful Accounts €9,700. Buffalo prepares
financial statements annually at December 31. During the year, the
following selected transactions occurred.
Jan. 5
Sold €7,800 of merchandise to Patrick Co., terms n/30.
Feb. 2
Accepted an €7,800, 4-month, 5% promissory note from Patrick
for the balance due.
12
Sold €16,200 of merchandise to Marguerite SA and accepted
Marguerite’s €16,200, 2-month, 6% note for the balance due.
26...
Exercise 5-5 Presented below are transactions related to Bogner Company 1. On December 3, Bogner Company...
Exercise 5-5 Presented below are transactions related to Bogner Company 1. On December 3, Bogner Company sold $611,600 of merchandise to Maris Co., terms 3/10, 1/30, FOB shipping point The cost of the merchandise sold was $360,900. 2. On December 8, Maris Co. was granted an allowance of $26,900 for merchandise purchased on December 3. 3. On December 13, Bogner Company received the balance due from Maris Co. Prepare the journal entries to record these transactions on the books of...
The January 1, Year 1 trial balance for the Carter Company is found on the trial...
The January 1, Year 1 trial balance for the Carter Company is
found on the trial balance tab. The beginning balances are
assumed.
Gonzalez Co. entered into the following transactions involving
short-term liabilities. (Use 360 days a
year.)
Year 1
Apr.
20
Purchased $49,750 of merchandise on credit from Nguyen, terms
n/30.
May
19
Replaced the April 20 account payable to Nguyen with a 90-day,
8%, $38,000 note payable along with paying $11,750 in cash.
July
8
Borrowed $102,000 cash...
i need general journal, schedule of payables, calculation of interest, and year 2 payment The January...
i
need general journal, schedule of payables, calculation of
interest, and year 2 payment
The January 1. Year 1 trial balance for the Perry Company is found on the trial balance tab. The beginning balances are assumed. North Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 Apr. May July Aug Nov. Nov. Dec. 20 Purchased $53,750 of merchandise on credit from Garcia, terms n/30. 19 Replaced the April 2e account payable to...
1) PLEASE FIND ANSWER FOR RED BOXES 2) 3) 29 Mar. Apr. May 30 28 29...
1) PLEASE FIND ANSWER FOR RED BOXES
2)
3)
29 Mar. Apr. May 30 28 29 Received a $50,400, 60-day, 6% note dated March 29 from Karie Platt on account. Received a $46,200, 60-day, 5% note dated April 30 from Jon Kelly on account. The note dated March 29 from Karie Platt is dishonored, and the customer's account is charged for the note, including interest. The note dated April 30 from Jon Kelly is dishonored, and the customer's account is...
Problem 17-3 Sweet Corp. carries an account in its general ledger called Investments, which contained debits...
Problem 17-3
Sweet Corp. carries an account in its general ledger called
Investments, which contained debits for investment purchases, and
no credits, with the following descriptions.
Feb. 1, 2017
Sharapova Company common stock, $80 par, 160 shares
$38,500
April 1
U.S. government bonds, 12%, due April 1, 2027, interest payable
April 1 and October 1, 108 bonds of $1,000 par each
108,000
July 1
McGrath Company 12% bonds, par $53,300, dated March 1, 2017,
purchased at 104 plus accrued interest,...
Part 3 -Becoming a Merchandiser (94 points) -Santana Rey created Business Solutions on October 1, 2018....
Part 3 -Becoming a Merchandiser (94 points) -Santana Rey created Business Solutions on October 1, 2018. 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 account and any balance as of December 31, 2018. Santana Rey decided to add a fourth digit with a decimal point to the...
P17.3 (LO 1, 2) (Debt and Equity Investments) Cardinal Paz Corp. carries an account in its gen- eral ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. $ 37,400 Feb. 1, 2020 April 1 110,000 Sharapova Company common stock, $100 par, 200 shares U.S. government bonds, 11%, due April 1, 2030, interest payable April 1 and October 1, 110 bonds of $1,000 par each McGrath Company 12% bonds, par $50,000, dated March 1,...
On December 1, 2018, Jack Stone forms a merchandising company, named J-Mart and set up as a proprietorship, which earns income mainly by buying and selling shoe. Stone owns and manages the business. Here are the transactions which had occurred during December of 2018. On 12/1/18, Jack Stone personally invests $1,000,000 cash in J-Mart and deposits the cash in a bank account opened under the name of J-Mart 1. On 12/1/18, J-Mart paid $48,000 for rent for 2-years (24-months, December...
Question 5
On January 1, 2017, Buffalo SA had Accounts Receivable €96,630
and Allowance for Doubtful Accounts €9,700. Buffalo prepares
financial statements annually at December 31. During the year, the
following selected transactions occurred.
Jan. 5
Sold €7,800 of merchandise to Patrick Co., terms n/30.
Feb. 2
Accepted an €7,800, 4-month, 5% promissory note from Patrick
for the balance due.
12
Sold €16,200 of merchandise to Marguerite SA and accepted
Marguerite’s €16,200, 2-month, 6% note for the balance due.
26...
Exercise 5-5 Presented below are transactions related to Bogner Company 1. On December 3, Bogner Company sold $611,600 of merchandise to Maris Co., terms 3/10, 1/30, FOB shipping point The cost of the merchandise sold was $360,900. 2. On December 8, Maris Co. was granted an allowance of $26,900 for merchandise purchased on December 3. 3. On December 13, Bogner Company received the balance due from Maris Co. Prepare the journal entries to record these transactions on the books of...
The January 1, Year 1 trial balance for the Carter Company is
found on the trial balance tab. The beginning balances are
assumed.
Gonzalez Co. entered into the following transactions involving
short-term liabilities. (Use 360 days a
year.)
Year 1
Apr.
20
Purchased $49,750 of merchandise on credit from Nguyen, terms
n/30.
May
19
Replaced the April 20 account payable to Nguyen with a 90-day,
8%, $38,000 note payable along with paying $11,750 in cash.
July
8
Borrowed $102,000 cash...
i
need general journal, schedule of payables, calculation of
interest, and year 2 payment
The January 1. Year 1 trial balance for the Perry Company is found on the trial balance tab. The beginning balances are assumed. North Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 Apr. May July Aug Nov. Nov. Dec. 20 Purchased $53,750 of merchandise on credit from Garcia, terms n/30. 19 Replaced the April 2e account payable to...
1) PLEASE FIND ANSWER FOR RED BOXES
2)
3)
29 Mar. Apr. May 30 28 29 Received a $50,400, 60-day, 6% note dated March 29 from Karie Platt on account. Received a $46,200, 60-day, 5% note dated April 30 from Jon Kelly on account. The note dated March 29 from Karie Platt is dishonored, and the customer's account is charged for the note, including interest. The note dated April 30 from Jon Kelly is dishonored, and the customer's account is...
Problem 17-3
Sweet Corp. carries an account in its general ledger called
Investments, which contained debits for investment purchases, and
no credits, with the following descriptions.
Feb. 1, 2017
Sharapova Company common stock, $80 par, 160 shares
$38,500
April 1
U.S. government bonds, 12%, due April 1, 2027, interest payable
April 1 and October 1, 108 bonds of $1,000 par each
108,000
July 1
McGrath Company 12% bonds, par $53,300, dated March 1, 2017,
purchased at 104 plus accrued interest,...
Part 3 -Becoming a Merchandiser (94 points) -Santana Rey created Business Solutions on October 1, 2018. 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 account and any balance as of December 31, 2018. Santana Rey decided to add a fourth digit with a decimal point to the...
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