Journal entries | ||||||
Date | Account Description | Debit | Credit | |||
1st Dec | Cash | $8,000 | ||||
To Deposit from Sweet Acacia | $8,000 | |||||
(Deposit accepted) | ||||||
Dec | Cash | $3,317,000 | ||||
To Sales | $3,100,000.00 | (3317000/107*100) | ||||
To Sales Tax payable | $217,000.00 | (3317000/107*7) | ||||
(Cash sales recorded and sales tax due) | ||||||
Dec | Profit/ Loss | 0 | ||||
Provision for suit damages | 0 | |||||
(Noentry) | ||||||
Dec | Profit/Loss | $800,000 | ||||
Warranty Liablity | $800,000 | (1% * 80000000) | ||||
(warranty provision for current year created) | ||||||
Dec | Warranty Liabilty | 812000 | ||||
To cash | 812000 | (620000+192000) | ||||
(Warranty expenditures) | ||||||
Listed below are selected events transactions relating to Metlock, Inc. for the current year ending December...
Listed below are selected events transactions relating to Metlock, Inc. for the current year ending December 31. Metlock manufactures laptop computers for sale in its own stores and for sale by other retailers. 1. On December 1, Metlock accepted an order from a new customer, Sweet Acacia Computers. Sweet Acacia has a questionable credit history, so Metlock requires a $8,000 deposit from Sweet Acacia in order to begin production on its order. 2. During December, cash sales at Metlock's retail...
Listed below are selected events transactions relating to Tamarisk, Inc. for the current year ending December 31. Tamarisk manufactures laptop computers for sale in its own stores and for sale by other retailers. On December 1, Tamarisk accepted an order from a new customer, Pearl Computers. Pearl has a questionable credit history, so Tamarisk requires a $11,000 deposit from Pearl in order to begin production on its 1. order. 2. During December, cash sales at Tamarisk's retail locations totaled $4,708,000,...
Listed below are selected events transactions relating to Sage Hill, Inc. for the current year ending December 31. Sage Hill manufactures laptop computers for sale in its own stores and for sale by other retailers. 1. On December 1, Sage Hill accepted an order from a new customer, Buffalo Computers. Buffalo has a questionable credit history, so Sage Hill requires a $8,000 deposit from Buffalo in order to begin production on its order. 2. During December, cash sales at Sage...
Listed below are selected transactions of Sage Department Store for the current year ending December 31. 1. On December 5, the store received $490 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 2. During December, cash sales totaled $803,250, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. 3. ...
Listed below are selected transactions of Cheyenne Department Store for the current year ending December 31 1. On December 5, the store received $490 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 2. During December, cash sales totaled $821,100, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. 3. On December 10,...
CALCULATOR PRINTER VERSION BACK NEXT Listed below are selected transactions of Flint Department Store for the current year ending December 31 1. On December 5, the store received $520 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15 2. During December, cash sales totaled $813,750, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following...
Waterway Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2020, the corporation sells for cash 385 computers at a unit price of $2,540. On the basis of past experience, the 2-year warranty costs are estimated to be $156 for parts and $196 for labor per unit. (For simplicity, assume that all sales occurred on December 31, 2020.) The warranty is not sold separately from...
Listed below are a few transactions and events of Maxum Company. Employees earn vacation pay at a rate of one day per month. During December, 24 employees qualify for one vacation day each. Their average daily wage is $190 per employee. During December, Maxum Company sold 3,300 units of a product that carries a 60-day warranty. December sales for this product total $133,000. The company expects 8% of the units to need warranty repairs, and it estimates the average repair...
The following are selected transactions of Grouper Department Store Ltd. for the current year ended December 31. Grouper is a private company operating in the province of Manitoba where PST is 8% and GST is 5%. PDSL follows ASPE and has a periodic inventory system. 6.On December 5, Grouper received $1,400 from Jefferson Ltd. as a deposit on a trailer that Jefferson is using for an office move. The deposit is to be returned to Jefferson after it returns the...
The ledger of Metlock, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared Credit Debit $3,900 4,680 32,500 Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $10.920 26.000 16.120 78,000 O 18.200 An analysis of the accounts shows the following 1 2 3 4 The equipment depreciates $364 per month Half of the unearned rent revenue was earned...