Homework Answers
| Answer | |||||
| Journal entries | |||||
| date | Particulars | Debit | Credit | ||
| 01-Oct | Cash | $ 604 | |||
| Unearned revenue | $ 570 | ||||
| Sale tax payable (570*6%) | $ 34 | ||||
| (To record unearned revenue & sale tax) | |||||
| 15-Nov | Sale tax payable | $ 34 | |||
| cash | $ 34 | ||||
| (To record cash payment for sale tax) | |||||
| 31-Dec | Unearned revenue (570*2/6) | $ 190 | |||
| subscription revenue | $ 190 | ||||
| (To record subscription revenue earned) | |||||
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United Publishing completed the following transactions during 2018: O (Click the icon to view the transactions.)...
Universal Publishing completed the following transactions during 2018: (Click the icon to view the transactions.) Journalize...
Universal Publishing completed the following transactions during 2018: (Click the icon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $480, plus sales tax of 5%. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit Oct. 1 0 More Info Oct. 1 Sold a six-month...
United Publishing completed the following transactions during 2018 (Click the icon to view the transactions) Joumalize...
United Publishing completed the following transactions during 2018 (Click the icon to view the transactions) Joumalize the transactions (explanations are not required) Round to the nearest dolar. (Record debits first, then credits Exclude explanations from journal entries) Oct. 1: Sold a six-month subscription (starting on November 1).collecting cash of $390, plus sales tax of 7%. Prepare a single compound only for this transaction) Date Accounts and Explanation Debit Credit Oct 1 Cash Subsorption Revenue 417 Ilar. (Record debits first, then...
E11-16 (similar to) E Quest TransWorld Publishing completed the following transactions during 2018: (Click the loon...
E11-16 (similar to) E Quest TransWorld Publishing completed the following transactions during 2018: (Click the loon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct 1: Sold a six-month subsor More Info X compound entry for this transaction.) Date Oct. 1 Oct 1 Sold a six-month subscription (starting on November 1), collecting cash of $600, plus sales tax of 5% Nov 15...
Jungle Publishing completed the following transactions for one subscriber during 2018: (Click the icon to view...
Jungle Publishing completed the following transactions for one subscriber during 2018: (Click the icon to view the transactions.) Requirement 1. Journalize these transactions (explanations not required). Then report any liability on the company's balance sheet at December 31, 2018. (Record debits first, then credits. Exclude explanations from journal entries.) Start by journalizing the October 1st transaction. Recall Jungle Publishing sold a one-year subscription, collecting cash of $2,000, plus sales tax of 12%. Journal Entry Accounts Date Debit Credit Oct Next,...
The following transactions of Seattle Pharmacies occurred during 2017 and 2018: (Click the icon to view...
The following transactions of Seattle Pharmacies occurred during 2017 and 2018: (Click the icon to view the transactions.) Journalize the transactions in Seattle's general journal. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 9, 2017: Purchased computer equipment at a cost of $9,000, signing a six-month, 8% note payable for that amount. Date Accounts Debit Credit Jan. 9 * More Info 2017 Jan. 9Purchased computer equipment at a...
Consider the following transactions of Oyster Software: Mar. 31 Recorded cash sales of $210,000, plus sales...
Consider the following transactions of Oyster Software: Mar. 31 Recorded cash sales of $210,000, plus sales tax of 4% collected for the state of New Jersey. Apr. 6 Sent March sales tax to the state. Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 31: Recorded cash sales of $210,000, plus sales tax of 4% collected for the state of...
McNight Industries completed the following transactions during 2018: (Click the icon to view the transactions.) Journalize...
McNight Industries completed the following transactions during 2018: (Click the icon to view the transactions.) Journalize the transactions. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Nov. 1: Made sales of $52,000. McNight estimates that warranty expense is 6% of sales. (Record only the warranty expense.) Date Accounts Debit Credit Nov. 1 Nov. 1 Made sales of $52,000. McNight estimates that warranty expense is 6% of sales. (Record only...
Mass Delivery Service completed the following transactions during December 2018: (Click the icon to view the...
Mass Delivery Service completed the following transactions during December 2018: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record each transaction in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Dec. 1: Mass Delivery Service began operations by receiving $15,000 cash and a truck with a fair value of $17,000 from Ripley Mass. The business gave Mass capital in exchange for this contribution. Credit Date Accounts Debit Cash...
Hartford Today Publishers completed the following investment transactions during 2018 and 2019: (Click the icon to view...
Hartford Today Publishers completed the following investment transactions during 2018 and 2019: (Click the icon to view the transactions.) Requirements 1. Journalize Hartford Today's investment transactions. Explanations are not required. 2. On December 31, 2018, how would the Lovely stock be classified and at what value would it be reported on the balance sheet? Requirement 1. Journalize Hartford's investment transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select...
The following transactions of Emergency Pharmacies occurred during 2018 and 2019: (Click the icon to view...
The following transactions of Emergency Pharmacies occurred during 2018 and 2019: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions in the Emergency Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Mar. 1, 2018: Borrowed $100,000 from Margate Bank. The five-year, 7% note requires payments due annually, on March 1. Each payment consists of $20,000 principal plus...
Universal Publishing completed the following transactions during 2018: (Click the icon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $480, plus sales tax of 5%. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit Oct. 1 0 More Info Oct. 1 Sold a six-month...
United Publishing completed the following transactions during 2018 (Click the icon to view the transactions) Joumalize the transactions (explanations are not required) Round to the nearest dolar. (Record debits first, then credits Exclude explanations from journal entries) Oct. 1: Sold a six-month subscription (starting on November 1).collecting cash of $390, plus sales tax of 7%. Prepare a single compound only for this transaction) Date Accounts and Explanation Debit Credit Oct 1 Cash Subsorption Revenue 417 Ilar. (Record debits first, then...
E11-16 (similar to) E Quest TransWorld Publishing completed the following transactions during 2018: (Click the loon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct 1: Sold a six-month subsor More Info X compound entry for this transaction.) Date Oct. 1 Oct 1 Sold a six-month subscription (starting on November 1), collecting cash of $600, plus sales tax of 5% Nov 15...
Jungle Publishing completed the following transactions for one subscriber during 2018: (Click the icon to view the transactions.) Requirement 1. Journalize these transactions (explanations not required). Then report any liability on the company's balance sheet at December 31, 2018. (Record debits first, then credits. Exclude explanations from journal entries.) Start by journalizing the October 1st transaction. Recall Jungle Publishing sold a one-year subscription, collecting cash of $2,000, plus sales tax of 12%. Journal Entry Accounts Date Debit Credit Oct Next,...
The following transactions of Seattle Pharmacies occurred during 2017 and 2018: (Click the icon to view the transactions.) Journalize the transactions in Seattle's general journal. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 9, 2017: Purchased computer equipment at a cost of $9,000, signing a six-month, 8% note payable for that amount. Date Accounts Debit Credit Jan. 9 * More Info 2017 Jan. 9Purchased computer equipment at a...
Consider the following transactions of Oyster Software: Mar. 31 Recorded cash sales of $210,000, plus sales tax of 4% collected for the state of New Jersey. Apr. 6 Sent March sales tax to the state. Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 31: Recorded cash sales of $210,000, plus sales tax of 4% collected for the state of...
McNight Industries completed the following transactions during 2018: (Click the icon to view the transactions.) Journalize the transactions. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Nov. 1: Made sales of $52,000. McNight estimates that warranty expense is 6% of sales. (Record only the warranty expense.) Date Accounts Debit Credit Nov. 1 Nov. 1 Made sales of $52,000. McNight estimates that warranty expense is 6% of sales. (Record only...
Mass Delivery Service completed the following transactions during December 2018: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record each transaction in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Dec. 1: Mass Delivery Service began operations by receiving $15,000 cash and a truck with a fair value of $17,000 from Ripley Mass. The business gave Mass capital in exchange for this contribution. Credit Date Accounts Debit Cash...
Hartford Today Publishers completed the following investment transactions during 2018 and 2019: (Click the icon to view the transactions.) Requirements 1. Journalize Hartford Today's investment transactions. Explanations are not required. 2. On December 31, 2018, how would the Lovely stock be classified and at what value would it be reported on the balance sheet? Requirement 1. Journalize Hartford's investment transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select...
The following transactions of Emergency Pharmacies occurred during 2018 and 2019: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions in the Emergency Pharmacies general journal. Round all answers to the nearest dollar. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Mar. 1, 2018: Borrowed $100,000 from Margate Bank. The five-year, 7% note requires payments due annually, on March 1. Each payment consists of $20,000 principal plus...
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