FCM used the following information to make adjusting entries:
Your assistant calculated interest for December 2017 below:
SnapCut Inc., 6%, 6 months, due Apr. 30, 2018 |
7,000 x 0.085 x (1/12) = |
50 |
WestBestVideo, 8%, 6 months, due Apr. 30, 2018 |
2,000 x 0.08 x (1/12) = |
13 |
Wells Fargo, 5%, 5 years, due Dec. 1, 2022 |
30,000 x 0.05 x (1/12) = |
125 |
Make journal entries for the following and assume transactions up to November 30 have been correctly...
Fifth Cousin Media (FCM) provides social media marketing and consultation services for its clients. The following transactions occurred in December 2017. Transactions up to November 30 have been correctly recorded unless otherwise specified. On February 3, 2017, FCM signed an agreement with Deion Sanders to provide media consulting for his football camp. On December 1, FCM completed some of the work for Sanders, and issued an invoice for $15,000. Full payment was received on January 15, 2018. Note: the project...
On February 3, 2017, FCM signed an agreement with Deion Sanders to provide media consulting for his football camp. On December 1, FCM completed some of the work for Sanders, and issued an invoice for $15,000. Full payment was received on January 15, 2018. Note: the project did not involve video production. On December 1, to prepare for expansion, FCM issued 1,000 shares of stock at a PAR value of $70 per share and signed a $30,000 note that is...
On February 3, 2017, FCM signed an agreement with Deion Sanders to provide media consulting for his football camp. On December 1, FCM completed some of the work for Sanders, and issued an invoice for $15,000. Full payment was received on January 15, 2018. Note: the project did not involve video production. On December 1, to prepare for expansion, FCM issued 1,000 shares of stock at a PAR value of $70 per share and signed a $30,000 note that is...
FCM used the following information to make adjusting entries: A physical count of supplies indicated that, as of December 31, 2017, $700 worth of supplies were on hand. On December 15, a $55,000 social marketing project had been completed for JonyJones, but FCM forgot to record the transaction. You identify this oversight on December 31st and issue an invoice for $55,000. On November 1, YMCA-Austin began negotiations with FCM for $42,000 of video production services. FCM would perform the video...
Record the journal entries. During 2017 there were four notes payable outstanding (the three indicated below and the one repaid on December 22). Interest for two of these notes (SnapCut and WestBestVideo) is paid at maturity; interest on the Wells Fargo note is paid semiannually. Proper accruals of the interest related SnapCut and WestBestVideo were done as of November 30, 2017. Interest for December 2017 needs to be recorded. Your assistant calculated interest for December 2017 below: SnapCut Inc., 6%,...
The following items are independent. Assume that the original transactions have been recorded correctly or as described. Assume a December 31 year-end unless otherwise noted. Prepaid insurance had a debit balance of $16,800 at the beginning of January. This represents the remaining 14 months in an insurance policy that was purchased in a prior year. On 1 April of the current year, a 30-month policy was bought for $46,600, which was debited to prepaid insurance. There were no other entries...
prepare all journal entries for Tobita Merchants for the all of the above transactions At January 1, 2017, Tobita following is a table containing details of the notes receivable and the balance of the interest accrued on each note as of the end of the last fiscal year, December 31, 2016 Interest Accrued $29.17 26.25 70.00 125.42 Note Interest Issue 1 E. Tessier $3,500 2R. Wolde 7,000 3 D. Deng 12,000 Date Nov. 1, 2016 Nov. 30, 2016 Dec. 1,...
P3–6B The following independent items for Théâtre Dupuis during the year ended November 30, 2017, may require a transaction journal entry, an adjusting entry, or both. The company records all prepaid costs as assets and all unearned revenues as liabilities and it adjusts accounts annually. 1. Supplies on hand amounted to $950 on November 30, 2017. On January 31, 2017, additional supplies were purchased for $2,880 cash. On November 30, 2017, a physical count showed that supplies on hand amounted...
1. Prepare journal entries to record the following transactions entered into by Bluenote Corporation (19 marks): 2017 Jun 1 Received a $9,000, 4%, 1-year note from Kim Sharp as full payment on her account. Interest is due at maturity. Nov 1 Sold merchandise on account to Henrik Inc. for $7,000, terms 2/10, n/30. The cost of the merchandise was $5,950 and Bluenote uses a perpetual inventory system. 5 Henrik Inc. returned unopened merchandise that they had paid $2,000 for,...
1. Prepare journal entries to record the following transactions entered into by Bluenote Corporation (19 marks): 2017 Jun 1 Received a $9,000, 4%, 1-year note from Kim Sharp as full payment on her account. Interest is due at maturity. Nov 1 Sold merchandise on account to Henrik Inc. for $7,000, terms 2/10, n/30. The cost of the merchandise was $5,950 and Bluenote uses a perpetual inventory system. 5 Henrik Inc. returned unopened merchandise that they had paid $2,000 for,...