debit and credit amountsHomework Answers
| Date | account and explanation | Debit | Credit |
| May 1 | Property tax expense (24000*4/12) | $8,000 | |
| Property tax payable | $8,000 |
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debit and credit amounts
Casual Industries received its 2016 annual property tax bill for $24,000 on...
Part (b) only Casual Industries received its 2016 annual property tax bill for $24,000 on May...
Part (b) only
Casual Industries received its 2016 annual property tax bill for $24,000 on May 1. The taxes covered the period January-December, were payable by June 30 and were paid on that date. Casual has a December 31 fiscal year end and makes annual adjusting entries. *(a) Your answer is correct. Prepare the journal entry to record the receipt of the property tax bill on May 1. (Credit account titles are automatically indented when the amount is entered. Do...
Part (c) Casual Industries received its 2015 annual property tax bill for $24,000 on May 1....
Part (c)
Casual Industries received its 2015 annual property tax bill for $24,000 on May 1. The taxes covered the period January - December, were payable by June 30 and were paid on that date. Casual has a December 31 fiscal year end and makes annual adjusting entries. *(a) Your answer is correct. Prepare the journal entry to record the receipt of the property tax bill on May 1. (Credit account titles are automatically indented when the amount is entered....
Kelly Jones and Taml Crawford borrowed $24,000 on a 7-month, 8% note from Gem State Bank...
Kelly Jones and Taml Crawford borrowed $24,000 on a 7-month, 8% note from Gem State Bank to open their business, Sunland's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 1 Prepare the entry to accrue the...
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit...
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit 1. When the accounts of Crane Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period. 1. The prepaid insurance account shows a debit of $5,088, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. 2. On November 1, Rent Revenue was credited for $1,905, representing revenue...
Presented below is information related to Sunland Industries. 1. On April 5, purchased merchandise on account...
Presented below is information related to Sunland Industries. 1. On April 5, purchased merchandise on account from Sarasota Ltd. for £20,500, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of £960 on merchandise purchased from Sarasota. 3. On April 7. purchased equipment on account from Reed Manufacturing for £36,100. 4. On April 8, returned merchandise, which cost £3,000, to Sarasota. 5. On April 15, paid the amount due to Sarasota in full. - Your answer...
On December 31, 2020, Carla Co. performed environmental consulting services for Hayduke Co. Hayduke was short...
On December 31, 2020, Carla Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Carla Co. agreed to accept a $318,100 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Carla is much more creditworthy and has various lines of credit at 5% - Your answer is partially correct. Prepare the journal entry to record the transaction of...
Kingbird Corporation made credit sales of $19,800 which are subject to 7% sales tax. The corporation...
Kingbird Corporation made credit sales of $19,800 which are
subject to 7% sales tax. The corporation also made cash sales which
totaled $28,462 including the 7% sales tax.
Prepare the entry to record Kingbird’s credit sales.
(If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Account Titles and Explanation
Debit
Credit
Prepare the entry to record Kingbird’s...
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit...
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit X 1. No Entry 2. Unearned Rent Revenue 600 Rent Revenue 600 3. Advertising Expense 290 290 Supplies 4. Interest Payable 770 770 Interest Expense Open Show Work Click if you would like to Show Work for this question: ESOURCES Exercise 3-20 Your answer is partially correct. Try again. 8 4 (Part 4 When the accounts of Waterway Inc. are examined, the adjusting data...
On July 1, 2017, Pharoah Company pays $24,000 to Crane Company for a 1-year insurance contract....
On July 1, 2017, Pharoah Company pays $24,000 to Crane Company for a 1-year insurance contract. Both companies have fiscal years ending December 31 For Pharoah Company. journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. De not indent...
Swifty Corporation purchased a computer on December 31 2016 for $119,700 ing $34,200 down and agreeing...
Swifty Corporation purchased a computer on December 31 2016 for $119,700 ing $34,200 down and agreeing to pay the balance in five equal installments of $17,100 payable each December 31 beginning in 2017. An assumed interest rate of 8% s mplicit in the purchase price he Purchase priced comp Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. Credit account titles are...
Part (b) only
Casual Industries received its 2016 annual property tax bill for $24,000 on May 1. The taxes covered the period January-December, were payable by June 30 and were paid on that date. Casual has a December 31 fiscal year end and makes annual adjusting entries. *(a) Your answer is correct. Prepare the journal entry to record the receipt of the property tax bill on May 1. (Credit account titles are automatically indented when the amount is entered. Do...
Part (c)
Casual Industries received its 2015 annual property tax bill for $24,000 on May 1. The taxes covered the period January - December, were payable by June 30 and were paid on that date. Casual has a December 31 fiscal year end and makes annual adjusting entries. *(a) Your answer is correct. Prepare the journal entry to record the receipt of the property tax bill on May 1. (Credit account titles are automatically indented when the amount is entered....
Kelly Jones and Taml Crawford borrowed $24,000 on a 7-month, 8% note from Gem State Bank to open their business, Sunland's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 1 Prepare the entry to accrue the...
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit 1. When the accounts of Crane Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period. 1. The prepaid insurance account shows a debit of $5,088, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. 2. On November 1, Rent Revenue was credited for $1,905, representing revenue...
Presented below is information related to Sunland Industries. 1. On April 5, purchased merchandise on account from Sarasota Ltd. for £20,500, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of £960 on merchandise purchased from Sarasota. 3. On April 7. purchased equipment on account from Reed Manufacturing for £36,100. 4. On April 8, returned merchandise, which cost £3,000, to Sarasota. 5. On April 15, paid the amount due to Sarasota in full. - Your answer...
On December 31, 2020, Carla Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Carla Co. agreed to accept a $318,100 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Carla is much more creditworthy and has various lines of credit at 5% - Your answer is partially correct. Prepare the journal entry to record the transaction of...
Kingbird Corporation made credit sales of $19,800 which are
subject to 7% sales tax. The corporation also made cash sales which
totaled $28,462 including the 7% sales tax.
Prepare the entry to record Kingbird’s credit sales.
(If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Account Titles and Explanation
Debit
Credit
Prepare the entry to record Kingbird’s...
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit X 1. No Entry 2. Unearned Rent Revenue 600 Rent Revenue 600 3. Advertising Expense 290 290 Supplies 4. Interest Payable 770 770 Interest Expense Open Show Work Click if you would like to Show Work for this question: ESOURCES Exercise 3-20 Your answer is partially correct. Try again. 8 4 (Part 4 When the accounts of Waterway Inc. are examined, the adjusting data...
On July 1, 2017, Pharoah Company pays $24,000 to Crane Company for a 1-year insurance contract. Both companies have fiscal years ending December 31 For Pharoah Company. journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. De not indent...
Swifty Corporation purchased a computer on December 31 2016 for $119,700 ing $34,200 down and agreeing to pay the balance in five equal installments of $17,100 payable each December 31 beginning in 2017. An assumed interest rate of 8% s mplicit in the purchase price he Purchase priced comp Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. Credit account titles are...
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