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Problem 12-1
GAF manufactures electrical cells at its St. Louis facility. The
company’s fiscal year-end is September 30. It has adopted the
perpetual inventory cost flow method to control inventory costs.
The company entered into the following transactions during the
month of September. All exchange rates are direct quotations.
Date
Transaction
Billing
Amount
Rate of
Exchange
2014
Sept.
5
Exported 10 electrical cells to a company
located in Argentina. Cost per unit, $850.
17,474 pesos
$1.1291
9
Received raw materials...
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Comprehensive Problem 3
Part 1:
Selected transactions completed by Kornett Company during its
first fiscal year ended December 31, 20Y5, were as follows:
1. Journalize the selected transactions. Assume
360 days per year.
If no entry is required, select "No entry required" from the
dropdown and leave the amount boxes blank. For a compound
transaction, if an amount box does not require an entry, leave it
blank.
Jan. 3: Issued a check to establish a petty
cash fund of $4,500....
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P13-11 Importing and Exporting Transactions; Hedges of Exposed Foreign Currency Asset and Lia- bility Positions; Identifiable Foreign Currency Commitment; Speculative Forward Exchange Contract; Intervening Balance Sheet Date Reynolds Corporation has extensive dealings with foreign suppliers and buyers. During the first six months of the fiscal year 19X5, Reynolds reported the following foreign transactions, all of which are denominated in the local currency of the respec- tive foreign firm. Reynolds prepares financial statements on June 30 and December 31 of each...
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Weida Surveying, Inc., provides land surveying services. During September, its transactions included the following. Sept. 1 Sept. 3 Sept. 9 Sept. 14 Paid rent for the month of September, $4,400. Billed Fine Line Homes $5,620 for surveying services. The entire amount is due on or before September 28. (Weida uses an account entitled Surveying Revenue when billing clients.) Provided surveying services to Sunset Ridge Developments for $2,830. The entire amount was collected on this date. Placed a newspaper advertisement in...
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Kolton Company closes its books on its July 31 year-end. The
company does not make entries to accrue for interest except at its
year-end. On June 30, the Notes Receivable account balance is
$23,800. Notes Receivable include the following.
Date
Maker
Face Value
Term
Maturity Date
Interest Rate
April 21
Booth Inc.
$6,000
90 days
July 20
8%
May 25
Manning Co.
7,800
60 days
July 24
10%
June 30
ANF Corp.
10,000
6 months
December 31
6%
During July,...
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5-3 On September 1, the beginning of its fiscal year, Campus Office Supply Ltd. had an inventory of 100 calculators at a Record and 500 each. The company uses a perpetual inventory system. During September, the following transactions occurred; and sales ti Durchased 750 calculators for $20 each from Digital Corp. on account, terms n/30. (LO 2,3) in calculators to Digital for $200 credit because they did not meet specifications 11 Sold 260 calculators for $30 each to Campus Book...
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Schneider Company has a May 31 fiscal year end and adjusts
Accounts Annually. Selected transactions in the year include the
Following:
P8.9A (LO 1, 3) AP Schneider Company has a May 31 fiscal year end and adjusts accounts annually. Selected transactions in the year included the following: Jan. 2 Sold $24,000 of merchandise to Sapounas Company, terms n/30. The cost of the goods sold was $14,400. Schneider uses the perpetual inventory system. Feb. 1 Accepted a $24,000, five-month, 5% promissory...
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Problem 4-11A Bugatti Company has a September 30 fiscal year end and prepares adjusting entries on an annual basis. The trial balance included the following selected accounts: Accumulated depreciation Depreciation expense Interest expense Interest payable Interest receivable Interest revenue Salaries expense Salaries payable $4,150 3,050 152,000 Additional information for its September 30, 2014, year-end adjustments 1, Bugatti has a two-year, 3% note receivable for S5,200 that was issued on April 1, 2014, Interest is payable every six months, on October...
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journalize
Sir Rents -A-Lot closes its accounts and prepares financial statements at the end of each onth. During Sept (their first month of operations) they had the following transactions. Date Transaction or Event Sept 1, Year 2 25,000 shares of common stock issued in exchange for $125,000 cash. Sept 1, Year 2 Purchased all of the equipment owned by "MR ALL THUMBS." The equipment that was bought had a fair market value of $300,000, but the price that the equipment...
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*Problem 8-8A Milton Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30 the Notes Receivable account balance is $23,800. Notes Receivable include the following Face Value Maturity Date Term $6,000 90 days July 20 7,800 60 days July 24 Interest Rate 8% 10% 6% Date Maker -DateMake Coote Inc. Brady Co. BMG Corp. April 21 May 25 June 30 10,000 6 months December...
Problem 12-1
GAF manufactures electrical cells at its St. Louis facility. The
company’s fiscal year-end is September 30. It has adopted the
perpetual inventory cost flow method to control inventory costs.
The company entered into the following transactions during the
month of September. All exchange rates are direct quotations.
Date
Transaction
Billing
Amount
Rate of
Exchange
2014
Sept.
5
Exported 10 electrical cells to a company
located in Argentina. Cost per unit, $850.
17,474 pesos
$1.1291
9
Received raw materials...
P13-11 Importing and Exporting Transactions; Hedges of Exposed Foreign Currency Asset and Lia- bility Positions; Identifiable Foreign Currency Commitment; Speculative Forward Exchange Contract; Intervening Balance Sheet Date Reynolds Corporation has extensive dealings with foreign suppliers and buyers. During the first six months of the fiscal year 19X5, Reynolds reported the following foreign transactions, all of which are denominated in the local currency of the respec- tive foreign firm. Reynolds prepares financial statements on June 30 and December 31 of each...
Weida Surveying, Inc., provides land surveying services. During September, its transactions included the following. Sept. 1 Sept. 3 Sept. 9 Sept. 14 Paid rent for the month of September, $4,400. Billed Fine Line Homes $5,620 for surveying services. The entire amount is due on or before September 28. (Weida uses an account entitled Surveying Revenue when billing clients.) Provided surveying services to Sunset Ridge Developments for $2,830. The entire amount was collected on this date. Placed a newspaper advertisement in...
5-3 On September 1, the beginning of its fiscal year, Campus Office Supply Ltd. had an inventory of 100 calculators at a Record and 500 each. The company uses a perpetual inventory system. During September, the following transactions occurred; and sales ti Durchased 750 calculators for $20 each from Digital Corp. on account, terms n/30. (LO 2,3) in calculators to Digital for $200 credit because they did not meet specifications 11 Sold 260 calculators for $30 each to Campus Book...
Schneider Company has a May 31 fiscal year end and adjusts
Accounts Annually. Selected transactions in the year include the
Following:
P8.9A (LO 1, 3) AP Schneider Company has a May 31 fiscal year end and adjusts accounts annually. Selected transactions in the year included the following: Jan. 2 Sold $24,000 of merchandise to Sapounas Company, terms n/30. The cost of the goods sold was $14,400. Schneider uses the perpetual inventory system. Feb. 1 Accepted a $24,000, five-month, 5% promissory...
Problem 4-11A Bugatti Company has a September 30 fiscal year end and prepares adjusting entries on an annual basis. The trial balance included the following selected accounts: Accumulated depreciation Depreciation expense Interest expense Interest payable Interest receivable Interest revenue Salaries expense Salaries payable $4,150 3,050 152,000 Additional information for its September 30, 2014, year-end adjustments 1, Bugatti has a two-year, 3% note receivable for S5,200 that was issued on April 1, 2014, Interest is payable every six months, on October...
journalize
Sir Rents -A-Lot closes its accounts and prepares financial statements at the end of each onth. During Sept (their first month of operations) they had the following transactions. Date Transaction or Event Sept 1, Year 2 25,000 shares of common stock issued in exchange for $125,000 cash. Sept 1, Year 2 Purchased all of the equipment owned by "MR ALL THUMBS." The equipment that was bought had a fair market value of $300,000, but the price that the equipment...
*Problem 8-8A Milton Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30 the Notes Receivable account balance is $23,800. Notes Receivable include the following Face Value Maturity Date Term $6,000 90 days July 20 7,800 60 days July 24 Interest Rate 8% 10% 6% Date Maker -DateMake Coote Inc. Brady Co. BMG Corp. April 21 May 25 June 30 10,000 6 months December...