Journalize the transactions and the adjusting entries. If an amount box does not require an entry,...
Journalize the transactions and the adjusting entries. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations.
Homework Answers
Journal entries
| Date | account and explanation | debit | credit |
| Year 1, Jan 8 | Delivery truck | 24000 | |
| Cash | 24000 | ||
| (To record purchase delivery truck) | |||
| Mar 7 | Repairs and maintenance expense | 900 | |
| cash | 900 | ||
| (To record expenses paid) | |||
| Dec 31 | Depreciation expense (24000*50%) | 12000 | |
| Accumulated depreciation-delivery truck | 12000 | ||
| (To record dep) | |||
| Year 2, Jan 9 | Truck | 50000 | |
| Cash | 50000 | ||
| (To record purchase truck) | |||
| Feb 28 | Repairs and maintenance | 250 | |
| Cash | 250 | ||
| (To record repairs and maintenance expense) | |||
| Apr 30 | Depreciation expense (12000*50%*4/12) | 2000 | |
| Accumulated depreciation-delivery truck | 2000 | ||
| (To record dep) | |||
| Apr 30 | Cash | 9500 | |
| Accumulated depreciation-delivery truck | 14000 | ||
| Loss on sale of delivery truck | 500 | ||
| Delivery truck | 24000 | ||
| (To record sale of truck) | |||
| Dec 31 | Depreciation expense (50000*25%) | 12500 | |
| Accumulated depreciation-truck | 12500 | ||
| (To record dep) | |||
| Year 3, sep 1 | Truck | 58500 | |
| Cash | 58500 | ||
| (To record purchase truck) | |||
| sep 4 | Depreciation expense (37500*25%*8/12) | 6250 | |
| Accumulated depreciation-Truck | 6250 | ||
| (To record dep) | |||
| Cash | 36000 | ||
| Accumulated depreciation-truck | 18750 | ||
| Gain on sale of truck | 4750 | ||
| Truck | 50000 | ||
| (To record sale of truck) | |||
| Dec 31 | Depreciation expense (58500*20%*4/12) | 3900 | |
| Accumulated depreciation-truck | 3900 | ||
| (To record dep) |
Add Answer to:
Journalize the transactions and the adjusting entries. If an
amount box does not require an entry,...
Journalize any necessary entries for Lays Company based on the bank reconciliation. If an amount box does not require an...
Journalize any necessary entries for Lays Company based on the
bank reconciliation. If an amount box does not require an entry,
leave it blank.
Just need help with part B. I'm not seeing a notes receivable
and don't know what it needs for cash.
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Lays Company: Balance per bank $ 18,150 Balance per company records 9,810 Bank service charges 40 Deposit in transit 2,950 Note...
Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $544,000 of...
Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $544,000 of merchandise on account, subject to a sales tax of 8%. The cost of the goods sold was $320,960. If an amount box does not require an entry, leave it blank. b. Paid $41,330 to the state sales tax department for taxes collected If an amount box does not require an entry, leave it blank. BE
Journalizing Adjusting Entries Journalize the following adjusting entries in the general journal below. 1. The supplies...
Journalizing Adjusting Entries
Journalize the following adjusting entries in the general journal
below. 1. The supplies expense for the month is $730. 2. The
insurance expense for the month is $680. 3. The depreciation
expense for delivery equipment is $200. 4. At the end of the month
$100 of wages is payable. If an amount box does not require an
entry, leave it blank.
If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE...
Will upvote! h. Paid wages of $3,425. If an amount box does not require an entry,...
Will upvote!
h. Paid wages of $3,425. If an amount box does not require an entry, leave it blank. i. Received $7,900 from customers on account. If an amount box does not require an entry, leave it blank. j. Recorded dividends of $1,875. If an amount box does not require an entry, leave it blank.
Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $429,000 of...
Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $429,000 of merchandise on account, subject to a sales tax of 6%. The cost of the goods sold was $253,110. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Sales Tax Payable Cost of Goods Sold Inventory Feedback (a) Two entries are required: (1) for the sale on account including sales tax (2) for the cost of the goods sold...
For all journal entries, if an amount box does not require an entry, leave it blank....
For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1. On July 1, 20Y1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $4,500,000 of 5-year, 9% bonds at a market (effective) interest rate of 11%, receiving cash of $4,160,805. Interest on the bonds is payable semiannually on December 31 and June 30. The...
Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Legacy...
Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-dedining-balance method of depreciation is used. Year 1 Jan. 4 Purchased a used delivery truck for $15,360, paying cash Nov. 2 Paid garage $180 for miscellaneous repairs to the truck Dec. 31 Recorded depreciation on the truck for the year. The estimated useful life of the truck is...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $72,000. In addition, on December 31, it was estimated that goodwill of $59,000 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an...
Adjusting, Closing and Reversing Entries 1. Prepare the entries without making a reversing entry. For a...
Adjusting, Closing and Reversing Entries
1. Prepare the entries without making a reversing entry. For a
compound transaction, if an amount box does not require an entry,
leave it blank. If no entry is required, select "No Entry Required"
and leave the amount boxes blank or enter "0".
2. Prepare the entries with the use of a reversing entry. If
an amount box does not require an entry, leave it blank. If no
entry is required, select "No Entry Required"...
Bond Investment Transactions Journalize the entries to record the following selected bond investment transactions for Starks...
Bond Investment Transactions Journalize the entries to record the following selected bond investment transactions for Starks Products: If an amount box does not require an entry, leave it blank. a. Purchased for cash $120,000 of Iceline, Inc. 6% bonds at 100 plus accrued interest of $1,200. b. Received first semiannual interest payment.Feedback c. Sold $80,000 of the bonds at 103 plus accrued interest of $910.Feedback
Journalize any necessary entries for Lays Company based on the
bank reconciliation. If an amount box does not require an entry,
leave it blank.
Just need help with part B. I'm not seeing a notes receivable
and don't know what it needs for cash.
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Lays Company: Balance per bank $ 18,150 Balance per company records 9,810 Bank service charges 40 Deposit in transit 2,950 Note...
Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $544,000 of merchandise on account, subject to a sales tax of 8%. The cost of the goods sold was $320,960. If an amount box does not require an entry, leave it blank. b. Paid $41,330 to the state sales tax department for taxes collected If an amount box does not require an entry, leave it blank. BE
Journalizing Adjusting Entries
Journalize the following adjusting entries in the general journal
below. 1. The supplies expense for the month is $730. 2. The
insurance expense for the month is $680. 3. The depreciation
expense for delivery equipment is $200. 4. At the end of the month
$100 of wages is payable. If an amount box does not require an
entry, leave it blank.
If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE...
Will upvote!
h. Paid wages of $3,425. If an amount box does not require an entry, leave it blank. i. Received $7,900 from customers on account. If an amount box does not require an entry, leave it blank. j. Recorded dividends of $1,875. If an amount box does not require an entry, leave it blank.
Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-dedining-balance method of depreciation is used. Year 1 Jan. 4 Purchased a used delivery truck for $15,360, paying cash Nov. 2 Paid garage $180 for miscellaneous repairs to the truck Dec. 31 Recorded depreciation on the truck for the year. The estimated useful life of the truck is...
Adjusting, Closing and Reversing Entries
1. Prepare the entries without making a reversing entry. For a
compound transaction, if an amount box does not require an entry,
leave it blank. If no entry is required, select "No Entry Required"
and leave the amount boxes blank or enter "0".
2. Prepare the entries with the use of a reversing entry. If
an amount box does not require an entry, leave it blank. If no
entry is required, select "No Entry Required"...
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