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Question 9 0.5 pts On June 30th, Staples purchases 5 HP computers for $500. On December...
Below is the same data presented in Question 3. Date # of Units Beginning 9 60...
Below is the same data presented in Question 3. Date # of Units Beginning 9 60 Unit Cost Jan. 2nd $10 Jan. Purchase 90 $11 5th Jan. 10th Sell Inventory 130 Assuming your company uses LIFO (Last in First out): What is the dollar value of Cost of Goods Sold for the Jan. 10th Sale? $ (do not include decimals) What is ending inventory in units? What is the value of ending inventory? $ Below is the same data presented...
Question 6 2.5 pts Microsoft purchases 250m of its own shares for $140/share. The journal entry...
Question 6 2.5 pts Microsoft purchases 250m of its own shares for $140/share. The journal entry to record the purchase is a: DR [Select] CR [Select] If Microsoft resells 100 shares of the Treasury stock for $145/share the journal to record the sale is: DR [Select] CR [Select] CR [Select ] [Select] Treasury Stock $500 PIC-Treasury Stock $14,000 Treasury Stock $14,500 PIC-Treasury Stock $500
Question 9 0.5 pts The year-end trial balance for Garnet & Gold Corporation appears as follows:...
Question 9 0.5 pts The year-end trial balance for Garnet & Gold Corporation appears as follows: Garnet & Gold Corporation Trial Balance December 31 Debit Credit Cash $ 300 500 60 140 4,000 Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Unearned Revenues Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $ 800 300 1,000 1,400 3,000 1,000 500 $ 6,500 $ 6,500 If, at year-end, supplies on hand were $20, the company should record...
Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31,...
Excalibur Corporation sells video games for personal computers.
The unadjusted trial balance as of December 31, 2021, appears
below. December 31 is the company’s reporting year-end. The company
uses the perpetual inventory system.
Credits Debits 74,810 26,000 63,000 79,000 Account Title Cash Accounts receivable Supplies Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Common stock Retained earnings Dividends Sales revenue Cost of goods sold Interest expense Salaries expense Rent expense Supplies expense Utility expense Totals...
Question 17 0.5 pts A company has the following adjusted trial balance: Debit Credit 700 300...
Question 17 0.5 pts A company has the following adjusted trial balance: Debit Credit 700 300 100 4,000 2,200 300 200 Cash Accounts receivable Prepaid rent Equipment Accumulated depreciation Equipment Accounts payable Unearned service revenue Common stock Retained earnings Service revenue Interest revenue Salaries and wages expense Depreciation expense Rent expense Total 500 1,000 2,500 100 800 500 400 6,800 6,800 After closing entries have been journalized and posted, the post-closing trial balance total for the credit column will be...
Record Journal entries for the month ended June 30th 2015(adjusting entries are provided) Chart of Accounts:...
Record Journal entries for the month ended
June 30th 2015(adjusting entries are provided)
Chart of Accounts: No. Account Cash Accounts Receivable No. 101 106 Account Guiding Revenue Store Sales 403 404 Fly Rod Inventory Supplies for guides Prepaid Insurance Prepaid Rent Trucks Rafts Accumulated Depreciation - Accumulated Depreciation- Accounts Payable Wages Payable Interest Payable Unearned Guiding Revenue Notes Payable Common Stock, $5 par value Retained Earnings Dividends 119 125 128 131 153 155 163 165 201 210 212 236 240...
Question 9 0.9 pts Presented below are selected account balances for Pitchfork, Inc. as of December...
Question 9 0.9 pts Presented below are selected account balances for Pitchfork, Inc. as of December 31, x1. Using this information, prepare the necessary Closing Entry that is recorded to permanently move Net Income into it's permanent equity account. Debit [Select] , for [Select] Credit [Select] 4, for [Select] Inventory $ 60,000 Cost of Goods Sold $225,700 Common Stock 75,000 Selling Expenses 16,000 Retained Earnings 45,000 Administrative Expenses 38,000 Dividends 18,000 Income Tax Expense 30,000 Sales Returns 12,000 Sales Revenues...
The following transactions occurred in June 2018 for Borderline Ltd JuneReceved a cheque for S1 200 from Roar Ltd in...
The following transactions occurred in June 2018 for Borderline Ltd JuneReceved a cheque for S1 200 from Roar Ltd in full settlement of its account and deposited it in the bank account Sold inventory for $905(before any discounts have been applied) to Jones Ltd on credit (the company was given a trade discount of $80, then the normal credit terms) COGS was $420 Paid rent for June S1 500, chq no. 561 (Assume the rent is GST free) Purchased inventory...
Speedy Cleaning Service began its operations on December 1, 2019. The following transactions took place during...
Speedy Cleaning Service began its operations on December 1, 2019. The following transactions took place during its first month of operations. The company uses the calendar year as its reporting period. During December, the company completed the following transactions. Summary of Transactions: Dec. 1 Stockholders invested $14,000 cash in the business in exchange for common stock. Dec. 2 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account Dec. 3 Dec. 5 Dec. 12 Purchased cleaning...
Journalize the June 30 adjusting entries. Explainations optional (do not post) (17 points) Check Figure $...
Journalize the June 30 adjusting entries. Explainations
optional (do not post) (17 points)
Check Figure $ 231,600
Adjusting entries for the month of June: Jun 30 Accrued interest on Bank Loan in the amount of $300 Jun 30 Record monthly depreciation in the amount of $2,800 Jun 30 Accrued salaries expense in the amount of $4,300 Jun 30 Used one month's worth of insurance (see June 10th's transaction) ) Jun 30 A physical count of office supplies showed $3,200 Jun...
Below is the same data presented in Question 3. Date # of Units Beginning 9 60 Unit Cost Jan. 2nd $10 Jan. Purchase 90 $11 5th Jan. 10th Sell Inventory 130 Assuming your company uses LIFO (Last in First out): What is the dollar value of Cost of Goods Sold for the Jan. 10th Sale? $ (do not include decimals) What is ending inventory in units? What is the value of ending inventory? $ Below is the same data presented...
Question 6 2.5 pts Microsoft purchases 250m of its own shares for $140/share. The journal entry to record the purchase is a: DR [Select] CR [Select] If Microsoft resells 100 shares of the Treasury stock for $145/share the journal to record the sale is: DR [Select] CR [Select] CR [Select ] [Select] Treasury Stock $500 PIC-Treasury Stock $14,000 Treasury Stock $14,500 PIC-Treasury Stock $500
Question 9 0.5 pts The year-end trial balance for Garnet & Gold Corporation appears as follows: Garnet & Gold Corporation Trial Balance December 31 Debit Credit Cash $ 300 500 60 140 4,000 Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Unearned Revenues Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $ 800 300 1,000 1,400 3,000 1,000 500 $ 6,500 $ 6,500 If, at year-end, supplies on hand were $20, the company should record...
Excalibur Corporation sells video games for personal computers.
The unadjusted trial balance as of December 31, 2021, appears
below. December 31 is the company’s reporting year-end. The company
uses the perpetual inventory system.
Credits Debits 74,810 26,000 63,000 79,000 Account Title Cash Accounts receivable Supplies Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Common stock Retained earnings Dividends Sales revenue Cost of goods sold Interest expense Salaries expense Rent expense Supplies expense Utility expense Totals...
Question 17 0.5 pts A company has the following adjusted trial balance: Debit Credit 700 300 100 4,000 2,200 300 200 Cash Accounts receivable Prepaid rent Equipment Accumulated depreciation Equipment Accounts payable Unearned service revenue Common stock Retained earnings Service revenue Interest revenue Salaries and wages expense Depreciation expense Rent expense Total 500 1,000 2,500 100 800 500 400 6,800 6,800 After closing entries have been journalized and posted, the post-closing trial balance total for the credit column will be...
Record Journal entries for the month ended
June 30th 2015(adjusting entries are provided)
Chart of Accounts: No. Account Cash Accounts Receivable No. 101 106 Account Guiding Revenue Store Sales 403 404 Fly Rod Inventory Supplies for guides Prepaid Insurance Prepaid Rent Trucks Rafts Accumulated Depreciation - Accumulated Depreciation- Accounts Payable Wages Payable Interest Payable Unearned Guiding Revenue Notes Payable Common Stock, $5 par value Retained Earnings Dividends 119 125 128 131 153 155 163 165 201 210 212 236 240...
Question 9 0.9 pts Presented below are selected account balances for Pitchfork, Inc. as of December 31, x1. Using this information, prepare the necessary Closing Entry that is recorded to permanently move Net Income into it's permanent equity account. Debit [Select] , for [Select] Credit [Select] 4, for [Select] Inventory $ 60,000 Cost of Goods Sold $225,700 Common Stock 75,000 Selling Expenses 16,000 Retained Earnings 45,000 Administrative Expenses 38,000 Dividends 18,000 Income Tax Expense 30,000 Sales Returns 12,000 Sales Revenues...
The following transactions occurred in June 2018 for Borderline Ltd JuneReceved a cheque for S1 200 from Roar Ltd in full settlement of its account and deposited it in the bank account Sold inventory for $905(before any discounts have been applied) to Jones Ltd on credit (the company was given a trade discount of $80, then the normal credit terms) COGS was $420 Paid rent for June S1 500, chq no. 561 (Assume the rent is GST free) Purchased inventory...
Speedy Cleaning Service began its operations on December 1, 2019. The following transactions took place during its first month of operations. The company uses the calendar year as its reporting period. During December, the company completed the following transactions. Summary of Transactions: Dec. 1 Stockholders invested $14,000 cash in the business in exchange for common stock. Dec. 2 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account Dec. 3 Dec. 5 Dec. 12 Purchased cleaning...
Journalize the June 30 adjusting entries. Explainations
optional (do not post) (17 points)
Check Figure $ 231,600
Adjusting entries for the month of June: Jun 30 Accrued interest on Bank Loan in the amount of $300 Jun 30 Record monthly depreciation in the amount of $2,800 Jun 30 Accrued salaries expense in the amount of $4,300 Jun 30 Used one month's worth of insurance (see June 10th's transaction) ) Jun 30 A physical count of office supplies showed $3,200 Jun...
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