Homework Answers
| No | Account | Debit | Credit |
|---|---|---|---|
| 1 | Equipment | 61,000 | |
| Cash (800+2000) | 2,800 | ||
| Accounts Payable (55,000+3,200) | 58,200 | ||
| 2 | Prepaid insurance | 1,000 | |
| Cash | 1,000 | ||
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Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges...
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax...
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax Shipment of machine Insur ance on the machine for the first year Installation of machine $58,000 5, 150 830 530 1, 660 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event,...
Orion Flour Mills purchased a new machine and made the following expenditures: $68,000 5,650 Purchase price...
Orion Flour Mills purchased a new machine and made the following expenditures: $68,000 5,650 Purchase price Sales tax Shipment of machine Insurance on the machine for the first year 930 630 Installation of machine 1,860 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal...
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax...
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax Shipment of machine Insurance on the machine for the first year Installation of machine $71,000 5,800 960 660 1,920 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal...
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During December, Rainey Equipment made a $668,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the credit sale. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
During December, Rainey Equipment made a $634,000 credit sale. The state sales tax rate is 6%...
During December, Rainey Equipment made a $634,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the credit sale. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
During December, Rainey Equipment made a $744,000 credit sale. The state sales tax rate is 6 % and the local sales...
During December, Rainey Equipment made a $744,000 credit sale. The state sales tax rate is 6 % and the local sales tax rate is 1.5 % . Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet K 1 Record the credit sale. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal
The Collins Corporation purchased office equipment at the beginning of 2019 and capitalized a cost of...
The Collins Corporation purchased office equipment at the beginning of 2019 and capitalized a cost of $2,128,000. This cost included the following expenditures: Purchase price Freight charges Installation charges Annual maintenance charge Total $1,920,000 38, eee 28,000 142,000 $2,128,000 The company estimated an eight-year useful life for the equipment. No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2019 and 2020. In 2021, after the 2020 financial statements were issued, the company decided to...
A company had the following transactions 1 Paid $150 for office supplies using a debit card....
A company had the following transactions 1 Paid $150 for office supplies using a debit card. 2 Purchased office equipment costing $700 using a credit card 3. Paid utilities bill of $400 by issuing a check. Record each transaction. (If no entry is required for a transactionlevent, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record $150 purchase of office supplies using a debit card. Note: Enter debits before credits Transaction General...
Use the following information 1. Pay employee salaries of $490 by issuing checks. 2. Purchase computer...
Use the following information 1. Pay employee salaries of $490 by issuing checks. 2. Purchase computer equipment of $890 using a credit card. 3. Pay for maintenance of $290 for a company vehicle using a debit card. Record the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record payment of employee salaries of $490 by issuing checks. Note: Enter debits...
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax Shipment of machine Insur ance on the machine for the first year Installation of machine $58,000 5, 150 830 530 1, 660 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event,...
Orion Flour Mills purchased a new machine and made the following expenditures: $68,000 5,650 Purchase price Sales tax Shipment of machine Insurance on the machine for the first year 930 630 Installation of machine 1,860 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal...
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax Shipment of machine Insurance on the machine for the first year Installation of machine $71,000 5,800 960 660 1,920 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal...
Belltone Company made the following expenditures related to its 10-year-old manufacturing facility: 1. The heating system was replaced at a cost of $230,000. The cost of the old system was not known. The company accounts for improvements as reductions of accumulated depreciation. 2. A new wing was added at a cost of $830,000. The new wing substantially increases the productive capacity of the plant. 3. Annual building maintenance was performed at a cost of $20,500. 4. All of the equipment...
During December, Rainey Equipment made a $668,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the credit sale. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
During December, Rainey Equipment made a $634,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the credit sale. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
During December, Rainey Equipment made a $744,000 credit sale. The state sales tax rate is 6 % and the local sales tax rate is 1.5 % . Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet K 1 Record the credit sale. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal
The Collins Corporation purchased office equipment at the beginning of 2019 and capitalized a cost of $2,128,000. This cost included the following expenditures: Purchase price Freight charges Installation charges Annual maintenance charge Total $1,920,000 38, eee 28,000 142,000 $2,128,000 The company estimated an eight-year useful life for the equipment. No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2019 and 2020. In 2021, after the 2020 financial statements were issued, the company decided to...
A company had the following transactions 1 Paid $150 for office supplies using a debit card. 2 Purchased office equipment costing $700 using a credit card 3. Paid utilities bill of $400 by issuing a check. Record each transaction. (If no entry is required for a transactionlevent, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record $150 purchase of office supplies using a debit card. Note: Enter debits before credits Transaction General...
Use the following information 1. Pay employee salaries of $490 by issuing checks. 2. Purchase computer equipment of $890 using a credit card. 3. Pay for maintenance of $290 for a company vehicle using a debit card. Record the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record payment of employee salaries of $490 by issuing checks. Note: Enter debits...
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