NEED JOURNAL ENTRY FOR THIS EVENT AND MARK AS ASSET SOURCE, ASSET USE, ASSET EXCHANGE AND...
NEED JOURNAL ENTRY FOR THIS EVENT AND MARK AS ASSET SOURCE, ASSET USE, ASSET EXCHANGE AND CLAIMS EXCHANGE
Acquired $50,000 from the issue of common stock. Type AS/AE/AU/CE AS Cash 50000 Common stock 50000 2. ACC 211 won a big contract with the state to service all pencils in the department. They are required to come in each morning to sharpen each worker’s pencil. The state paid ACC 211 $350,000 cash for work completed during the year and promised to pay the balance of $350,000 in the coming year Type AS/AE/AU/CE
Homework Answers
1. AS Cash $ 50000
Common stock $ 50000
2. AS Cash $ 350000
Receivables $ 350000
Revenue earned $ 700000
It is an asset source transaction as it generates assets. In both the entries sale of stock and revenue earning generates asset in the form of cash and receivables.
In next year:
AE Cash $ 350000
Receivables $ 350000
When the balance of receivables are received in next year one asset (receivables) is exchanged for another asset (cash).
Add Answer to:
NEED JOURNAL ENTRY FOR THIS EVENT AND MARK AS ASSET SOURCE,
ASSET USE, ASSET EXCHANGE AND...
Use the following information to answer the questions that follow. Some questions require additional computations. After...
Use the following information to answer the questions that follow. Some questions require additional computations. After doing the computation be sure to make the required entry. ACC 211, Inc. is a company that resells pencils for accounting students. Beginning balances are as follows: Cash $ 10,000.00 Retained earnings $ 10,000.00 ACC 211 General Journal, 20** Event Account title Debit Credit 1. Acquired $50,000 from the issue of common stock. Type AS/AE/AU/CE 1 2. ACC 211 won a big contract with...
Please complete T accounts JOURNAL ENTERIES BEGINNING BALANCES CASH 10000 RETATINED EARNINGS 10000 1) ACQUIRED 50K FROM...
Please complete T accounts JOURNAL ENTERIES BEGINNING BALANCES CASH 10000 RETATINED EARNINGS 10000 1) ACQUIRED 50K FROM THE ISSUE OF COMMON STOCK TYPE: ASSET SOURCE 1 CASH 50000 COMMON STOCK 50000 2) ACC 211 won a big contract with the state to service all pencils in the department. They are required to come in each morning to sharpen each worker’s pencil. The state paid ACC 211 $350,000 cash for work completed during the year and promised...
with t account create trial balance, income statement with multi step format, statement of changes equity...
with t account create trial balance, income statement with multi
step format, statement of changes equity and balance sheet and
statement of statement of cash flows
all Equity Corman Stock SODOO BAI. 8 860 10000 50000 1 350000 50000 Retained Farmings 10000 401140 10000 Service Revenue 700000 Acc able 350000 70000 -- Uncollectible accou ............ 21000 350000 Allowance for doubt accounts 21000 21000 Depreciation 21000 3B 836 (836) 836 RES Equipment 8880 121,000 ALLOWANCE FOR DOUBTFULL UNCOLLECTABLE ACCOUNT Use the...
NEED JOURNAL ENTRIES FOR EVENT 4 AND 5 AND MARKED IF THEY ARE A ASSET SOURCE,...
NEED JOURNAL ENTRIES FOR EVENT 4 AND 5 AND MARKED IF THEY ARE A ASSET SOURCE, ASSET USE, ASSET EXCHANGE OR CLAIMS EXCHANGE ACC 211 bought equipment for $6,000 on January 1st. The furniture had a 4% discount. Freight cost amounted to $1,600. ACC 211 had to hire a specialist to adjust the equipment before use. He paid the specialist $1,500. Insurance expense for the equipment was $500 annually. The equipment has a useful life of 10 years with salvage...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU),...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), or does...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU),...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (0), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), or does...
ldentify whether each of the following transactions is an asset source (AS), asset use (AU), asset...
ldentify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or clalms exchange CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event Increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), Investing activities (A), or financing activities (FA), or does not...
Required information (The following information applies to the questions displayed below.) Alcorn Service Company was formed...
Required information (The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $62,000 cash from the issue of common stock. 2. Purchased $1,600 of supplies on account. 3. Purchased land that cost $22,000 cash. 4. Paid $1,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $46,000. 6. Paid $23,000 cash for other operating expenses. 7. Collected $40,000...
Required information The following information applies to the questions displayed below. Alcorn Service Company was formed...
Required information The following information applies to the questions displayed below. Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $66,000 cash from the issue of common stock. 2. Purchased $2,400 of supplies on account. 3. Purchased land that cost $30,000 cash. 4. Paid $2,400 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $54,000. 6. Paid $27,000 cash for other operating expenses. 7. Collected $44,000...
Help Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period...
Help Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $64,000 cash from the issue of common stock. 2. Purchased $2,000 of supplies on account. 3. Purchased land that cost $26,000 cash. 4. Paid $2,000 cash to settle accounts payable created in 5. Recognized revenue on account of $50,000. 6. Paid $25,000 cash for other operating expenses. 7. Collected $42,000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized accrued...
with t account create trial balance, income statement with multi
step format, statement of changes equity and balance sheet and
statement of statement of cash flows
all Equity Corman Stock SODOO BAI. 8 860 10000 50000 1 350000 50000 Retained Farmings 10000 401140 10000 Service Revenue 700000 Acc able 350000 70000 -- Uncollectible accou ............ 21000 350000 Allowance for doubt accounts 21000 21000 Depreciation 21000 3B 836 (836) 836 RES Equipment 8880 121,000 ALLOWANCE FOR DOUBTFULL UNCOLLECTABLE ACCOUNT Use the...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), or does...
Required Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event increases (0), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA), or does...
ldentify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or clalms exchange CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event Increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), Investing activities (A), or financing activities (FA), or does not...
Required information (The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $62,000 cash from the issue of common stock. 2. Purchased $1,600 of supplies on account. 3. Purchased land that cost $22,000 cash. 4. Paid $1,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $46,000. 6. Paid $23,000 cash for other operating expenses. 7. Collected $40,000...
Required information The following information applies to the questions displayed below. Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $66,000 cash from the issue of common stock. 2. Purchased $2,400 of supplies on account. 3. Purchased land that cost $30,000 cash. 4. Paid $2,400 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $54,000. 6. Paid $27,000 cash for other operating expenses. 7. Collected $44,000...
Help Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $64,000 cash from the issue of common stock. 2. Purchased $2,000 of supplies on account. 3. Purchased land that cost $26,000 cash. 4. Paid $2,000 cash to settle accounts payable created in 5. Recognized revenue on account of $50,000. 6. Paid $25,000 cash for other operating expenses. 7. Collected $42,000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized accrued...
Most questions answered within 3 hours.
-
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 1 hour ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 1 hour ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 1 hour ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 1 hour ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 1 hour ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 1 hour ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 1 hour ago -
Write MARIE assembly language programs that do the following:
Write a program that inputs an integer...
asked 1 hour ago -
Explain an understanding of services and protocols.
Explain the job of DNS.
Explain the three email...
asked 2 hours ago -
(As soon as possible) Balance each of the following equations
according to the half-reaction method:
H2O2(aq)...
asked 2 hours ago -
A thin rod with a mass of 3.5kg and a length L=1.5 m is oriented
horizontally....
asked 2 hours ago -
Inheritance pattern in BRCA 1
Describe the inheritance pattern of BRCA 1 Is it recessive or...
asked 2 hours ago