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Exercise 12-2
During December of the current year, Teletex Systems, Inc., a
company based in Seattle, Washington, entered into the following
transactions:
Dec.
10
Sold seven office computers to a company located in Colombia
for 9,036,000 pesos. On this date, the spot rate was 360 pesos per
U.S. dollar.
12
Purchased computer chips from a company domiciled in Taiwan.
The contract was denominated in 590,000 Taiwan dollars. The direct
exchange spot rate on this date was $0.0387.
Prepare journal entries...
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Question3: During December 2018 of the current year, Earmark Systems, Inc., a company based in Seattle, Washington, entered into the following transactions: Inventory delivered on 12/10/2018 and 2,135,250 pesos received on 1/10/2019 Dec. 10, Sold Nine office computers to a company located in Colombia for 2,135,250pesos. On this date, the spot rate was 365 pesos per U.S. dollar. 1. Prepare the journal entry on the books of Earmark Systems, Inc. (periodic method) 2. Prepare journal entry necessary to adjust the...
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The answer above was given in a prior post but it was incorrect
as well. The way i understand the question is that if the company
sold seven office computers for 7,992,000 dollars,
what would the entry look like. However, that didnt work.
Exercise 12-2 During December of the current year, Teletex Systems, Inc., a company based in Seattle, Washington, entered into the following transactions: Dec. 10 12 Sold seven office computers to a company located in Colombia for 7,992,000...
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Blossom Company issued $710.000. 12%. 10-year hands on December 31, 2019, for $640,000 Interest is payable annually on December 31. Blossom Company uses the straight-line method to amortize bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not Indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2019 Prepare the journal entry to record the payment of interest and the discount...
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3)
4)
Exercise 12-7 (Part Level Submission) On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $186,500. At December 31, Helbert declared and paid a $52,100 cash dividend and reported net income of $195,000. (a) Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Date Account Titles and...
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Exercise 11-2 Cullumber Company had these transactions during the current period. June 12 Issued 80,500 shares of $1 par value common stock for cash of $301,875. lIssued 3,200 shares of $100 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 2,950 shares of treasury stock for $10,000. Prepare the journal entries for the Cullumber Company transactions shown above. (Record journal e in the order presented in the problem. Credit account titles are automatically indented whe amount...
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Exercise 5-3 The following transactions are for Sunland Company. 1. 2. 3. On December 3, Sunland Company sold $473,800 of merchandise to Blossom Co., terms 2/10, n/30. The cost of the merchandise sold was $320,000. On December 8, Blossom Co. was granted an allowance of $22,800 for merchandise purchased on December 3. On December 13, Sunland Company received the balance due from Blossom Co. (a) Prepare the journal entries to record these transactions on the books of Sunland Company. Sunland...
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*Exercise 9-05 a-c The ledger of Sheffield Company at the end of the current year shows Accounts Receivable $ 148,000, Sales Revenue $841,000, and Sales Returns and Allowances $30,000. Journalize the following independent situations. If Sheffield uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sheffield determines that L. Dole's $2,500 balance is uncollectible. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles...
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Sandhill Company issued $800,000, 12%, 10-year bonds on December 31, 2019, for $730,000. Interest is payable annually on December 31. Sandhill Company uses the straight-line method to amortize bond premium or discount. Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2019 Cash 730000 Discount on Bonds Payable 70000 Bonds Payable...
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Exercise 8-05 The ledger of Shamrock, Inc. at the end of the current year shows Accounts Receivable 589,000; Credit Sales $845,000; and Sales Returns and Allowances $38,000. (a) If Shamrock uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Shamrock determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,300 in the trial balance, journalize the adjusting entry at December 31, assuming...
Exercise 12-2
During December of the current year, Teletex Systems, Inc., a
company based in Seattle, Washington, entered into the following
transactions:
Dec.
10
Sold seven office computers to a company located in Colombia
for 9,036,000 pesos. On this date, the spot rate was 360 pesos per
U.S. dollar.
12
Purchased computer chips from a company domiciled in Taiwan.
The contract was denominated in 590,000 Taiwan dollars. The direct
exchange spot rate on this date was $0.0387.
Prepare journal entries...
Question3: During December 2018 of the current year, Earmark Systems, Inc., a company based in Seattle, Washington, entered into the following transactions: Inventory delivered on 12/10/2018 and 2,135,250 pesos received on 1/10/2019 Dec. 10, Sold Nine office computers to a company located in Colombia for 2,135,250pesos. On this date, the spot rate was 365 pesos per U.S. dollar. 1. Prepare the journal entry on the books of Earmark Systems, Inc. (periodic method) 2. Prepare journal entry necessary to adjust the...
The answer above was given in a prior post but it was incorrect
as well. The way i understand the question is that if the company
sold seven office computers for 7,992,000 dollars,
what would the entry look like. However, that didnt work.
Exercise 12-2 During December of the current year, Teletex Systems, Inc., a company based in Seattle, Washington, entered into the following transactions: Dec. 10 12 Sold seven office computers to a company located in Colombia for 7,992,000...
Blossom Company issued $710.000. 12%. 10-year hands on December 31, 2019, for $640,000 Interest is payable annually on December 31. Blossom Company uses the straight-line method to amortize bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not Indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2019 Prepare the journal entry to record the payment of interest and the discount...
1)
2)
3)
4)
Exercise 12-7 (Part Level Submission) On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $186,500. At December 31, Helbert declared and paid a $52,100 cash dividend and reported net income of $195,000. (a) Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Date Account Titles and...
Exercise 11-2 Cullumber Company had these transactions during the current period. June 12 Issued 80,500 shares of $1 par value common stock for cash of $301,875. lIssued 3,200 shares of $100 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 2,950 shares of treasury stock for $10,000. Prepare the journal entries for the Cullumber Company transactions shown above. (Record journal e in the order presented in the problem. Credit account titles are automatically indented whe amount...
Exercise 5-3 The following transactions are for Sunland Company. 1. 2. 3. On December 3, Sunland Company sold $473,800 of merchandise to Blossom Co., terms 2/10, n/30. The cost of the merchandise sold was $320,000. On December 8, Blossom Co. was granted an allowance of $22,800 for merchandise purchased on December 3. On December 13, Sunland Company received the balance due from Blossom Co. (a) Prepare the journal entries to record these transactions on the books of Sunland Company. Sunland...
*Exercise 9-05 a-c The ledger of Sheffield Company at the end of the current year shows Accounts Receivable $ 148,000, Sales Revenue $841,000, and Sales Returns and Allowances $30,000. Journalize the following independent situations. If Sheffield uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sheffield determines that L. Dole's $2,500 balance is uncollectible. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles...
Sandhill Company issued $800,000, 12%, 10-year bonds on December 31, 2019, for $730,000. Interest is payable annually on December 31. Sandhill Company uses the straight-line method to amortize bond premium or discount. Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2019 Cash 730000 Discount on Bonds Payable 70000 Bonds Payable...
Exercise 8-05 The ledger of Shamrock, Inc. at the end of the current year shows Accounts Receivable 589,000; Credit Sales $845,000; and Sales Returns and Allowances $38,000. (a) If Shamrock uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Shamrock determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,300 in the trial balance, journalize the adjusting entry at December 31, assuming...