Homework Answers
Journal
| Date | Account Title and Explanation | Debit | Credit |
| Dec. 31 | Interest receivable | 222 | |
| Interest revenue | 222 | ||
| Feb. 1 | Cash | 9,176 | |
| Note receivable | 8,880 | ||
| Interest revenue | 74 | ||
| Interest receivable | 222 |
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please help 1.a) b) c) 2.a) b) 3. a) b) Teyplus.com/courses/35390/assignments/3837441?module_item_id=12237372 Current Attempt in Progress Sheffield...
please help
1.a)
b)
c)
2.a)
b)
3. a)
b)
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Current Attempt in Progress On December 31, the adjusted trial balance of Larkspur, Inc. shows the...
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*Exercise 11-16 Presented below is information related to equipment owned by Ivanhoe Company at December 31, 2017. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,620,000 1,180,000 8,260,000 5,664,000 Assume that Ivanhoe will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. (If no entry...
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please help
1.a)
b)
c)
2.a)
b)
3. a)
b)
Teyplus.com/courses/35390/assignments/3837441?module_item_id=12237372 Current Attempt in Progress Sheffield Corp. is authorized to issue 2,100,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions Jan. 15 Issued 755,000 shares of stock at $5 per share. Sept. 5 Purchased 26,000 shares of common stock for the treasury at $8 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable...
Current Attempt in Progress On December 31, the adjusted trial balance of Larkspur, Inc. shows the following selected data: Accounts receivable Interest expense $9,000 12,880 Service revenue Interest payable $ 107,700 6,430 Analysis shows that adjusting entries had been made, and included above, for (1) $9,000 of services performed but not billed, and (2) $6,430 of accrued but unpaid interest. Prepare the closing entries for the temporary accounts at December 31. (Credit account titles are automatically indented when amount is...
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Ivanhoe Factory provides a 2 year warranty with one of its products which was first sold in 2020. Ivanhoe sold $1,010,100 of products subject to the warranty. Ivanhoe expects $113,910 of warranty costs over the next 2 years. In that year, Ivanhoe spent $63,100 service warranty cains. Prepare Ivanhoe's Journal entry to record the sales (Ignore cost of goods sold) and the December 31 adjusting entry, assuming the expenditures are inventory costs. Of no entry is required, select "No Entry"...
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