Kate's Card | ||||
Journal entries | ||||
Date | General Journal | Debit | Credit | Calculation |
1-Dec | Rent expense | $ 1,200 | ||
Cash | $ 1,200 | |||
7-Dec | Other Current Liabilities | $ 900 | Wages Payable | |
Wages Expenses | $ 900 | |||
Cash | $ 1,800 | |||
9-Dec | Cash | $ 5,400 | ||
Accounts Receivable | $ 5,400 | |||
12-Dec | Cash | $ 11,000 | ||
Sales Revenue | $ 11,000 | |||
12-Dec | Cost of goods sold | $ 6,000 | ||
Inventory | $ 6,000 | |||
14-Dec | Inventory | $ 7,000 | ||
Accounts Payable | $ 7,000 | |||
15-Dec | Other Current Assets | $ 600 | Supplies | |
Cash | $ 600 | |||
19-Dec | Accounts Receivable | $ 6,000 | ||
Sales Revenue | $ 6,000 | |||
19-Dec | Cost of goods sold | $ 4,000 | ||
Inventory | $ 4,000 | |||
21-Dec | Wages Expenses | $ 1,400 | ||
Cash | $ 1,400 | |||
25-Dec | Accounts Payable | $ 7,000 | ||
Cash | $ 7,000 | |||
28-Dec | Cash | $ 5,880 | ||
Sales Discounts | $ 120 | =6,000*2% | ||
Accounts Receivable | $ 6,000 | |||
31-Dec | Depreciation expense | $ 900 | ||
Accumulated Depreciation | $ 900 | |||
31-Dec | No entry for Inventory | |||
31-Dec | Supplies expense | $ 2,200 | =3,600+600-2,000 | |
Other Current Assets | $ 2,200 | Supplies |
Required Prepare the necessary journal entries for Drake Company. SERIAL PROBLEM: KATE'S CARDS (Note: This is...
Required Prepare the necessary journal entries for Drake Company. SERIAL PROBLEM: KATE'S CARDS (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters / through 4.) Sps Kate was a little worried about some of the practices of Fred Abbott, the CEO of Sentimente cided that an association with Sentiments could damage the reputation of her own company. Ka concerned that her business be viewed as socially responsible and any damage to her reputatie early stage could...
SERIAL PROBLEM: KATE'S CARDS (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters 1 through 8.) SP9. Kate's business is growing faster than she had predicted. In order to keep up, she will need to purchase improved computer hardware. Kate has learned that the software that she uses runs much faster if her computer has a lot of memory. In addition, her files are very large and she is running out of free space on her...
S SERIAL PROBLEM. KATE'S CARDS This is a continuation of the Serial Problem: Kate's Cards from Chapter 7 through Chapter 1 k ate has just completed her first vear running Kate's Cards. She has been preparing monthly statements and balance sheets, so she knows that her company has been profitable and that cash in the bank. She has not, however, prepared a statement of cash flows, Kate provides y the year-end income statement and balance sheet and asks that you...
J C. Calculate the book value of llle D SERIAL PROBLEM: KATE'S CARDS (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters 1 through 9.) SPIO. Recall that Kate previously obtained a $15,000 bank loan, signing a note payable, on November 30 note required semiannual interest payments at the rate of six percent. The entire principal balance due two years from the origination date of the note. Kate has been accruing interest on a monthly hacie...
the cos SERIAL PROBLEM: KATE'S CARDS 1 through 5.) (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters As expected, the holiday season was very busy for Kate and her greeting card company. In fact, most of her supplies were fully depleted by year-end, necessitating a restocking of inventory. Assume that Kate uses the periodic method of accounting for inventory and that her January beginning inventory was $0. The following transactions occurred for Kate's Cards during...
SIAL PROBLEM! KATE JONE Note: This is a continuation of the Serial Problem: Kate's Cards from Chapter 7 through Chapter 12 a's Cards. She ended the Kate is very pleased with the results of the first year of operations for Kate's Cards. She year on a high note, with the company's reputation for producing quality cards leading to mora a s to more busi- ness than she can currently manage. Kate is considering expanding and bringing in several ees. In...
d. Which company is Toys “R” Us? The Gillele Company, DNUT SERIAL PROBLEM: KATE'S CARDS (/Vote: This is a continuation of the Serial Problem: Kate's Cards from Chapter 7 through Chan SP13. Kate is very pleased with the results of the first year of operations for Kate's Cards. S year on a high note, with the company's reputation for producing quality cards leading to ness than she can currently manage. Kate is considering expanding and bringing in seve ees. In...
do the beginning journals help? what other information do you need? Prepare the necessary joumal entries for Drake Company SERIAL PROBLEM: KATE'S CARDS Mole. This is a continuation of the Serial Problem: Kate's Cards de Chapters / through 4.) SP5. Kate was a little worried about some of the practices of Fred Abholl, the CEO of Sentiments, and cided that an association with Sentiments could damage the reputation of her own company. Kate is ve concerned that her business be...
Kate's Cards. Serial Problem 9. I've already figured out part one. Could I get help with parts two and three please? I've seen many different examples and none of them are making sense. SERIAL PROBLEM: KATE'S CARDS Kate's Cards (Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters / through 8.) SP9. Kate's business is growing faster than she had predicted. In order to keep up, she will need to purchase improved computer hardware. Kate has...
nethod be affected? of the inventory at year-end is $25, how will Tinal SERIAL PROBLEM: KATE'S CARDS Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters I through 5.) K eInected, the holiday season was very busy for Kate and her greeting card company. In fact, most SPK Cc ber supplies were fully depleted by year-end, necessitating a restocking of inventory. AsSsume that Kate uses the periodic method of accounting for inventory and that her January...