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Homework Answers
All journal entries are correct except following entries which are provided you duly corrected:
| Date | Accounts Title | Debit $ | Credit $ |
| 1-Dec | Accounts Receivable | 98000 | |
| Trade discount | 2000 | ||
| Sales revenue | 100000 | ||
| (being sales on account on net method) | |||
| 6-Dec | Compensation expenses | 120000 | |
| Common Stock, Par $1 | 5000 | ||
| Paid in capital in excess of Par-CS | 115000 | ||
| (being common stock issued for 3 years restricted period) | |||
| 8-Dec | Inventory | 44000 | |
| Accounts Payable | 43120 | ||
| Trade discount | 880 | ||
| (being purchases on account under net method) | |||
| 19-Dec | Inventory | 210000 | |
| Accounts Payable | 203700 | ||
| Trade discount | 6300 | ||
| (being purchases on account under net method) | |||
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A. Record the jo
A. Record the journal entries for the December transactions.** Must show formulas in cells. Record the...
A. Record the journal entries for the December transactions.** Must show formulas in cells. Record the following entries in general journal form for December, 2020: December 1: Recorded sales on account of $100,000, 2/10, net 30. Cost of inventory was 63,500. Company uses the net method for accounting for sales. December 2: Purchased Land for a future building site for $700,000, paying $200,000 down and signed a 5%, 90-day note for the balance. December 3: Bought back 1000 shares of...
Instructions The stockholders' equity T accounts of I-Cards Inc. for the year ended December 31, 2019,...
Instructions The stockholders' equity T accounts of I-Cards Inc. for the year ended December 31, 2019, are as follows. Common Stock Jan. 1 Balance 5,265,000 Apr. 14 Issued 33,000 shares 1,287,000 Dec. 31 Balance 6,552,000 Paid-in Capital in Excess of Par Jan. 1 Balance 1,080,000 Apr. 14 Issued 33,000 shares 330,000 Dec. 31 Balance 1,410,000 Treasury Stock Aug. 7 Purchased 12,500 shares 550,000 Retained Earnings Mar. 31 Dividend 74,900 Jan. 1 Balance 12,496,100 June 30 Dividend 74,900 Sept. 30 Dividend...
JUST NEED 1 &2 OF LAST PAGE!!! Thank youuuu Denver Mountain Company Trial Balance 11/30/17 Dr...
JUST NEED 1 &2 OF LAST
PAGE!!! Thank youuuu
Denver Mountain Company Trial Balance 11/30/17 Dr 272,000 114,500 TH9 1,000 50,000 55,000 62,000 75,000 32,000 100,000 12,000 18,000 26,250 Cash Accounts Receivable Allowance for Doubtful Accounts Short Term Note Receivable Supplies Inventory Equipment Building Accumulated Depreciation Copyright Accounts Payable Dividends Payable Interest Payable Unearned Revenue ST Note Payable LT Mortgage Payable Bonds Payable Premium on Bonds Payable Common Stock - $1.50 par Paid In Capital In Excess of Par-CS Preferred...
Please check my completed assignment for errors. Please show calculations if possible, Thank you! Record the...
Please check my completed assignment for errors. Please show
calculations if possible, Thank you!
Record the following adjusting entries in general journal form as of December 31, 2020: 1. Supplies on hand at the end of the year: $700 2. Equipment shown on the 12/1 TB was purchased on 1/1/17, has a 8 year life, no salvage value and company uses double-declining balance method for its depreciation. 3. Included in the truck balance is a fully depreciated truck for $6,500...
Issued 5,000 shares of $1 par common stock for $50,000 cash. Record the transaction 1 Collected...
Issued 5,000 shares of $1 par common stock for $50,000 cash. Record the transaction 1 Collected $3,000 from customers on account. Record the transaction 3 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Record the transaction Reissued 2,000 shares of treasury stock for $24,000 cash. Record the transaction. Reissued 600 shares of treasury stock for $4,600 cash. 5 Record the transaction. Declared (but did not yet pay) a $1 cash dividend on each outstanding share...
See below. Thank you! Accounting Cycle Review 15 a-e Sandhill Corporation's trial balance at December 31,...
See below. Thank you!
Accounting Cycle Review 15 a-e Sandhill Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit $26,500 56,000 23,000 68,000 98,600 33,000 $410 31,500 14,200 19,400 -0- -0- 7,200 50,000 30,000 Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10...
Please complete both parts & include a stockholder's equity section at December 31st. Thank You Problem...
Please complete both parts & include a stockholder's equity
section at December 31st. Thank You
Problem 14-01A a-c (Part Level Submission) (Video) On January 1, 2020, Sandhill Corporation had the following stockholders' equity accounts. Common Stock ($20 par value, 63,500 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,270,000 197,000 564,000 During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 Declared a $2 cash dividend...
Explain how you solved 2019 Dec.31st Required information [The following information applies to the questions displayed...
Explain how you solved 2019 Dec.31st
Required information [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 98,000 shares of $5 par common stock and 19,000 shares of $125 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: 2018 Jan. 5 Sold 14,700 shares of the $5 par common stock for $7 per share. 12 Sold 1,900 shares of the...
5. Discount Fumiture, Inc. completed the following treasury stock transactions in 2018: (Click the icon to...
5. Discount Fumiture, Inc. completed the following treasury stock transactions in 2018: (Click the icon to view the transactions.) Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Discount Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2018? Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) Dec. 1: Purchased 1,900 shares of the company's $1 par value common stock as treasury stock, paying cash...
The stockholders' equity accounts of Swifty Corporation on January 1, 2017, were as follows. Preferred Stock...
The stockholders' equity accounts of Swifty Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 11,000 shares authorized) Common Stock ($4 stated value, 660,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $660,000 2,200,000 33,000 1,056,000 1,513,600 88,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 11,000 shares...
A. Record the journal entries for the December transactions.** Must show formulas in cells. Record the following entries in general journal form for December, 2020: December 1: Recorded sales on account of $100,000, 2/10, net 30. Cost of inventory was 63,500. Company uses the net method for accounting for sales. December 2: Purchased Land for a future building site for $700,000, paying $200,000 down and signed a 5%, 90-day note for the balance. December 3: Bought back 1000 shares of...
Instructions The stockholders' equity T accounts of I-Cards Inc. for the year ended December 31, 2019, are as follows. Common Stock Jan. 1 Balance 5,265,000 Apr. 14 Issued 33,000 shares 1,287,000 Dec. 31 Balance 6,552,000 Paid-in Capital in Excess of Par Jan. 1 Balance 1,080,000 Apr. 14 Issued 33,000 shares 330,000 Dec. 31 Balance 1,410,000 Treasury Stock Aug. 7 Purchased 12,500 shares 550,000 Retained Earnings Mar. 31 Dividend 74,900 Jan. 1 Balance 12,496,100 June 30 Dividend 74,900 Sept. 30 Dividend...
JUST NEED 1 &2 OF LAST
PAGE!!! Thank youuuu
Denver Mountain Company Trial Balance 11/30/17 Dr 272,000 114,500 TH9 1,000 50,000 55,000 62,000 75,000 32,000 100,000 12,000 18,000 26,250 Cash Accounts Receivable Allowance for Doubtful Accounts Short Term Note Receivable Supplies Inventory Equipment Building Accumulated Depreciation Copyright Accounts Payable Dividends Payable Interest Payable Unearned Revenue ST Note Payable LT Mortgage Payable Bonds Payable Premium on Bonds Payable Common Stock - $1.50 par Paid In Capital In Excess of Par-CS Preferred...
Please check my completed assignment for errors. Please show
calculations if possible, Thank you!
Record the following adjusting entries in general journal form as of December 31, 2020: 1. Supplies on hand at the end of the year: $700 2. Equipment shown on the 12/1 TB was purchased on 1/1/17, has a 8 year life, no salvage value and company uses double-declining balance method for its depreciation. 3. Included in the truck balance is a fully depreciated truck for $6,500...
Issued 5,000 shares of $1 par common stock for $50,000 cash. Record the transaction 1 Collected $3,000 from customers on account. Record the transaction 3 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Record the transaction Reissued 2,000 shares of treasury stock for $24,000 cash. Record the transaction. Reissued 600 shares of treasury stock for $4,600 cash. 5 Record the transaction. Declared (but did not yet pay) a $1 cash dividend on each outstanding share...
See below. Thank you!
Accounting Cycle Review 15 a-e Sandhill Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit $26,500 56,000 23,000 68,000 98,600 33,000 $410 31,500 14,200 19,400 -0- -0- 7,200 50,000 30,000 Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10...
Please complete both parts & include a stockholder's equity
section at December 31st. Thank You
Problem 14-01A a-c (Part Level Submission) (Video) On January 1, 2020, Sandhill Corporation had the following stockholders' equity accounts. Common Stock ($20 par value, 63,500 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,270,000 197,000 564,000 During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 Declared a $2 cash dividend...
Explain how you solved 2019 Dec.31st
Required information [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 98,000 shares of $5 par common stock and 19,000 shares of $125 par, 6 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: 2018 Jan. 5 Sold 14,700 shares of the $5 par common stock for $7 per share. 12 Sold 1,900 shares of the...
5. Discount Fumiture, Inc. completed the following treasury stock transactions in 2018: (Click the icon to view the transactions.) Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Discount Furniture, Inc. report treasury stock on its balance sheet as of December 31, 2018? Requirement 1. Journalize these transactions. (Record debits first, then credits. Exclude explanations from any journal entries.) Dec. 1: Purchased 1,900 shares of the company's $1 par value common stock as treasury stock, paying cash...
The stockholders' equity accounts of Swifty Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 11,000 shares authorized) Common Stock ($4 stated value, 660,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $660,000 2,200,000 33,000 1,056,000 1,513,600 88,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 11,000 shares...
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