Homework Answers
| Mar 1 | Cash | 21,750 | |
| Accumulated Depreciation - Truck | 28,250 | ||
| Truck | 50,000 | ||
| Mar 1 | Cash | 25,600 | |
| Accumulated Depreciation - Truck | 28,250 | ||
| Gain on sale of asset | 3,850 | ||
| Truck | 50,000 | ||
| Mat 1 | Cash | 20,000 | |
| Accumulated Depreciation - Truck | 28,250 | ||
| Loss on sale of asset | 1,750 | ||
| Truck | 50,000 | ||
| Mar 1 | Accumulated Depreciation - Truck | 28,250 | |
| Loss on disposal | 21,750 | ||
| Truck | 50,000 | ||
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Macho Taco sold a food truck on March 1, 2020. The accounts showed adjusted balances on...
Macho Taco sold a food truck on March 1, 2017. The accounts showed adjusted balances on...
Macho Taco sold a food truck on March 1, 2017. The accounts showed adjusted balances on February 28, 2017, as follows: Food Truck $ 61,000 Accumulated Depreciation, Food Truck 37,050 Required: Record the sale of the food truck assuming the cash proceeds were: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. $ 23,950 b. $ 31,100 c. $ 21,100 d. $ 0 (the food truck was...
Jessica Grewal decided to open a food truck business, the Samosa Shack. She encountered the following...
Jessica Grewal decided to open a food truck business, the Samosa Shack. She encountered the following transactions in managing her equipment over the first 2 years of her business. April 1, 2015 Purchased food truck for $60,000 and paid $6,000 to have a commercial oven installed. Other costs that she incurred are $6.000 for insurance on the truck for the first vear, and $3,000 to have the truck painted with her Samosa Shack logo. Jessica estimates that the truck would...
On March 1, Company A provides legal services to Company B regarding some recent food poisoning...
On March 1, Company A provides
legal services to Company B regarding some recent food poisoning
complaints. Legal services total $10,800. In payment for the
services, Company B signs a 8% note requiring the payment of the
face amount and interest to Company A on September 1. Required: For
Company A, record the acceptance of the note receivable on March 1
and the cash collection on September 1. (If no entry is required
for a particular transaction/event, select "No Journal...
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable...
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable Dec. 31/19 Balance 390,000 Allowance for Doubtful Accounts 20,400 Dec. 31/19 Balance During 2020, the following selected transactions occurred: a. Sales totalled $2,780,000, of which 25% were cash sales (cost of sales $1,795,000). b. Sales returns were $118,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $34,000 was recovered. d. Several accounts were written off: $36,000. e. Collections from...
On April 1, Moloney Meat Distributors sold merchandise on account to Fronke's Franks for $1.200 on...
On April 1, Moloney Meat Distributors sold merchandise on account to Fronke's Franks for $1.200 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke's Franks, less discount, on April 10. Required: Record the transactions on April 1 and April 10 View transaction list Journal entry worksheet Record the sale on April 1. Note: Enter debits before credits. General Journal Debit Credit Date April 01 1 IN Journal entry worksheet Record the sale on April 1. Note:...
On February 1, 2020, Tessa Williams and Audrey Xle formed a partnership In Ontarlo. Williams contributed...
On February 1, 2020, Tessa Williams and Audrey Xle formed a partnership In Ontarlo. Williams contributed $92,000 cash and Xle contributed land valued at $132,000 and a small building valued at $192,000. Also, the partnership assumed responsibility for Xle's $142,000 long-term note payable associated with the land and building. The partners agreed to share profit or loss as follows: Williams Is to receive an annual salary allowance of $102,000, both are to receive an annual Interest allowance of 15% of...
Gale, McLean, and Lux are partners of Burgers and Brew Company with capital balances as follows:...
Gale, McLean, and Lux are partners of Burgers and Brew Company with capital balances as follows: Gale. $86,000; McLean, $73,000: and Lux, $149.000. The partners share profit and losses in a 3:2.5 ratio. McLean decides to withdraw from the partnership. Prepare General Journal entries to record the May 1, 2020. withdrawal of McLean from the partnership under each of the following unrelated assumptions: a. McLean sells his interest to Freedman for $170,000 after Gale and Lux approve the entry of...
On April 1, 2019, Guy Comeau and Amelle Lavol formed a partnership in Ontarlo. Contribution Profit...
On April 1, 2019, Guy Comeau and Amelle Lavol formed a partnership in Ontarlo. Contribution Profit sharing Comeau Lavoi $321,800 cash $22e, eee land $140, see building $161,300 salary allowance 5% of original 5% of original capital investments capital investments 40% of remaining 60% of remaining $122,700 Cash withdrawal March 20, 2020 Net Income during the year was $616,000 and was in the Income Summary account. On April 1, 2020 Travis Roberts Invested $131,100 and was admitted to the partnership...
Dexter Company applies the direct write-off method in accounting for uncollectible accounts. March 11 Dexter determines...
Dexter Company applies the direct write-off method in accounting for uncollectible accounts. March 11 Dexter determines that it cannot collect $9,800 of its accounts receivable from its customer Leer Company. 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt Prepare journal entries to record the above selected transactions of Dexter. View transaction list Journal entry worksheet 1 2 3 Record write off of Leer Company account Note: Enter debits...
Serial Problem Business Solutions LO P3 Santana Rey receives the March bank statement for Business Solutions on April 1...
Serial Problem Business Solutions LO P3 Santana Rey receives the March bank statement for Business Solutions on April 11, 2020. The March 31 bank statement shows an ending cash balance of $67,066. The general ledger Cash account, No. 101, shows an ending cash balance per books of $67,499 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following a. The bank erroneously cleared a $440...
Jessica Grewal decided to open a food truck business, the Samosa Shack. She encountered the following transactions in managing her equipment over the first 2 years of her business. April 1, 2015 Purchased food truck for $60,000 and paid $6,000 to have a commercial oven installed. Other costs that she incurred are $6.000 for insurance on the truck for the first vear, and $3,000 to have the truck painted with her Samosa Shack logo. Jessica estimates that the truck would...
On March 1, Company A provides
legal services to Company B regarding some recent food poisoning
complaints. Legal services total $10,800. In payment for the
services, Company B signs a 8% note requiring the payment of the
face amount and interest to Company A on September 1. Required: For
Company A, record the acceptance of the note receivable on March 1
and the cash collection on September 1. (If no entry is required
for a particular transaction/event, select "No Journal...
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable Dec. 31/19 Balance 390,000 Allowance for Doubtful Accounts 20,400 Dec. 31/19 Balance During 2020, the following selected transactions occurred: a. Sales totalled $2,780,000, of which 25% were cash sales (cost of sales $1,795,000). b. Sales returns were $118,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $34,000 was recovered. d. Several accounts were written off: $36,000. e. Collections from...
On April 1, Moloney Meat Distributors sold merchandise on account to Fronke's Franks for $1.200 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke's Franks, less discount, on April 10. Required: Record the transactions on April 1 and April 10 View transaction list Journal entry worksheet Record the sale on April 1. Note: Enter debits before credits. General Journal Debit Credit Date April 01 1 IN Journal entry worksheet Record the sale on April 1. Note:...
On February 1, 2020, Tessa Williams and Audrey Xle formed a partnership In Ontarlo. Williams contributed $92,000 cash and Xle contributed land valued at $132,000 and a small building valued at $192,000. Also, the partnership assumed responsibility for Xle's $142,000 long-term note payable associated with the land and building. The partners agreed to share profit or loss as follows: Williams Is to receive an annual salary allowance of $102,000, both are to receive an annual Interest allowance of 15% of...
Gale, McLean, and Lux are partners of Burgers and Brew Company with capital balances as follows: Gale. $86,000; McLean, $73,000: and Lux, $149.000. The partners share profit and losses in a 3:2.5 ratio. McLean decides to withdraw from the partnership. Prepare General Journal entries to record the May 1, 2020. withdrawal of McLean from the partnership under each of the following unrelated assumptions: a. McLean sells his interest to Freedman for $170,000 after Gale and Lux approve the entry of...
On April 1, 2019, Guy Comeau and Amelle Lavol formed a partnership in Ontarlo. Contribution Profit sharing Comeau Lavoi $321,800 cash $22e, eee land $140, see building $161,300 salary allowance 5% of original 5% of original capital investments capital investments 40% of remaining 60% of remaining $122,700 Cash withdrawal March 20, 2020 Net Income during the year was $616,000 and was in the Income Summary account. On April 1, 2020 Travis Roberts Invested $131,100 and was admitted to the partnership...
Dexter Company applies the direct write-off method in accounting for uncollectible accounts. March 11 Dexter determines that it cannot collect $9,800 of its accounts receivable from its customer Leer Company. 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt Prepare journal entries to record the above selected transactions of Dexter. View transaction list Journal entry worksheet 1 2 3 Record write off of Leer Company account Note: Enter debits...
Serial Problem Business Solutions LO P3 Santana Rey receives the March bank statement for Business Solutions on April 11, 2020. The March 31 bank statement shows an ending cash balance of $67,066. The general ledger Cash account, No. 101, shows an ending cash balance per books of $67,499 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following a. The bank erroneously cleared a $440...
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