Homework Answers
| Dec 12 | Cash | 31,200 | |
| Unearned sales revenue | 31,200 | ||
| Jan 16 | Cash | 280,800 | |
| Unearned sales revenue | 31,200 | ||
| Sales revenue | 312,000 | ||
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On December 12, 2018, Pace Electronics received $31,200 from a customer toward a cash sale of...
On December 12, 2018, Pace Electronics received $25,200 from a customer toward a cash sale of...
On December 12, 2018, Pace Electronics received $25,200 from a customer toward a cash sale of $252,000 of diodes to be completed on January 16, 2019. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on January 16. Note: Enter debits before credits. Debit Date General Journal Credit January...
On December 12, 2021, Pace Electronics received $36,800 from a customer toward a cash sale of...
On December 12, 2021, Pace Electronics received $36,800 from a customer toward a cash sale of $368,000 of diodes to be completed on January 16, 2022. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on December 12. Note: Enter debits before credits. General Journal Debit Credit Date December...
On December 12, 2021, Pace Electronics received $36,600 from a customer toward a cash sale of...
On December 12, 2021, Pace Electronics received $36,600 from a customer toward a cash sale of $366,000 of diodes to be completed on January 16, 2022. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the appropriate entry on December 12. Note: Enter debits before credits. Date General Journal...
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S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2018, S&L purchased Coca-Cola bonds at par for $885,000 and sold the bonds on January 3, 2019, for $892,500. At December 31, the bonds had a fair value of $878,000, and S&L has the intent and ability to hold the investment until fair value recovers. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2018 and (b) the sale of the bonds...
The balance sheet of Indian River Electronics Corporation as of December 31, 2017, included 13% bonds...
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The balance sheet of Indian River Electronics Corporation as of December 31, 2017, included 13% bonds...
The balance sheet of Indian River Electronics Corporation as of December 31, 2017, included 13% bonds having a face amount of $92.0 million. The bonds had been issued in 2010 and had a remaining discount of $5.0 million at December 31, 2017. On January 1, 2018, Indian River Electronics called the bonds before their scheduled maturity at the call price of 103. Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January...
On December 28, 2018, Videotech Corporation (VTC) purchased 11 units of a new satellite uplink system...
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The balance sheet of Indian River Electronics Corporation as of December 31, 2017, included 12.5% bonds having a face amount of $90.1 million. The bonds had been issued in 2010 and had a remaining discount of $3.1 million at December 31, 2017. On January 1, 2018, Indian River Electronics called the bonds before their scheduled maturity at the call price of 103. Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January...
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The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 12.25% bonds having a face amount of $90 million. The bonds had been issued in 2013 and had a remaining discount of $3 million at December 31, 2020. On January 1, 2021, Indian River Electronics called the bonds before their scheduled maturity at the call price of 102. Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January...
January 25, 2018. Currency exchange rates for 1 schilling are as follows: December 15, 2017 December...
January 25, 2018. Currency exchange rates for 1 schilling are as follows: December 15, 2017 December 31, 2017 January 25, 2018 January 31, 2018 $ 0.28 0.30 0.33 0.34 Prepare all journal entries for Lisbeth Company in connection with this purchase and payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Record inventory purchase from foreign supplier Note: Enter...
On December 12, 2018, Pace Electronics received $25,200 from a customer toward a cash sale of $252,000 of diodes to be completed on January 16, 2019. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on January 16. Note: Enter debits before credits. Debit Date General Journal Credit January...
On December 12, 2021, Pace Electronics received $36,800 from a customer toward a cash sale of $368,000 of diodes to be completed on January 16, 2022. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on December 12. Note: Enter debits before credits. General Journal Debit Credit Date December...
On December 12, 2021, Pace Electronics received $36,600 from a customer toward a cash sale of $366,000 of diodes to be completed on January 16, 2022. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the appropriate entry on December 12. Note: Enter debits before credits. Date General Journal...
S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2018, S&L purchased Coca-Cola bonds at par for $885,000 and sold the bonds on January 3, 2019, for $892,500. At December 31, the bonds had a fair value of $878,000, and S&L has the intent and ability to hold the investment until fair value recovers. Prepare journal entries to record (a) any unrealized gains or losses occurring in 2018 and (b) the sale of the bonds...
The balance sheet of Indian River Electronics Corporation as of December 31, 2017, included 13% bonds having a face amount of $92.0 million. The bonds had been issued in 2010 and had a remaining discount of $5.0 million at December 31, 2017 On January 1, 2018, indian River Electronics called the bonds before their scheduled maturity at the call price of 103. Required: Prepare the journal entry by Indiah River Electronics to record the redemption of the bonds at January...
The balance sheet of Indian River Electronics Corporation as of December 31, 2017, included 13% bonds having a face amount of $92.0 million. The bonds had been issued in 2010 and had a remaining discount of $5.0 million at December 31, 2017. On January 1, 2018, Indian River Electronics called the bonds before their scheduled maturity at the call price of 103. Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January...
On December 28, 2018, Videotech Corporation (VTC) purchased 11 units of a new satellite uplink system from Tristar Communications for $20,000 each. The terms of each sale were 2/10, n/30. VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2019. Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. (If no entry is required for a transaction/event, select...
The balance sheet of Indian River Electronics Corporation as of December 31, 2017, included 12.5% bonds having a face amount of $90.1 million. The bonds had been issued in 2010 and had a remaining discount of $3.1 million at December 31, 2017. On January 1, 2018, Indian River Electronics called the bonds before their scheduled maturity at the call price of 103. Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January...
The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 12.25% bonds having a face amount of $90 million. The bonds had been issued in 2013 and had a remaining discount of $3 million at December 31, 2020. On January 1, 2021, Indian River Electronics called the bonds before their scheduled maturity at the call price of 102. Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January...
January 25, 2018. Currency exchange rates for 1 schilling are as follows: December 15, 2017 December 31, 2017 January 25, 2018 January 31, 2018 $ 0.28 0.30 0.33 0.34 Prepare all journal entries for Lisbeth Company in connection with this purchase and payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Record inventory purchase from foreign supplier Note: Enter...
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