Homework Answers
| JOURNAL | |||
| Date | Particulars | Debit | Credit |
| 2/2/2017 | Inventory | 70000 | |
| Accounts payable | 70000 | ||
| (Being goods purchased) | |||
| 2/26/2017 | Accounts payable | 70000 | |
| Cash | 1400 | ||
| Discount received | 68600 | ||
| (Being payment made) | |||
| 4/1/2017 | Equipment- Truck | 50000 | |
| Cash | 4000 | ||
| 12% note payable | 46000 | ||
| (Being truck purchased) | |||
| 5/1/2017 | Cash | 83000 | |
| Discount on note payable | 9000 | ||
| 0% note oayable | 92000 | ||
| (Being amount borrowed) | |||
| 8/1/2017 | Dividend | 300000 | |
| Dividend payable | 300000 | ||
| (Being dividend declared) | |||
| 12/31/2017 | Discount received | 1050 | |
| Income summary | 4950 | ||
| Discount on note payable | 6000 | ||
| (Being discounts amortised) |
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TElbowSolutions Inc. (TES Inc.) has made the following transactions. Please prepare the necessary journal entries (original...
Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system.
P13-1 (L01) GROUPWORK (Current Liability Entries and Adjustments) Described below are certain transactions of Edwardson Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Martin Company for $70,000 subject to cash discount terms of 2/10, 1/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. On April 1, the corporation bought a truck for $50,000 from General Motors Company, paying...
Prepare journal entries to record the following transactions entered into by the Merando Company: 2016 June...
Prepare journal entries to record the following transactions entered into by the Merando Company: 2016 June 1 Received a $10.000, 6%, 1-year note from Dan Gore as settlement on his account receivable. The note plus interest for 12 months is due in one year on June 1, 2017 Nov. 1 Sold merchandise on account to Barlow, Inc., for $14,000, terms 2/10, 1/30. Nov. 5 Barlow, Inc., returned merchandise worth $1,000. Nov. 9 Received payment in full from Barlow, Inc. Dec....
Prepare the journal entries necessary to record the transactions above using appropriate data. Question 3 View...
Prepare the journal entries necessary to record the
transactions above using appropriate data.
Question 3 View Policies Current Attempt in Progress Described below are certain transactions of Lamar Company for 2018: 1. On May 10, the company purchased goods from Fox Company for $78,100, terms 2/10, 1/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18. 2. On June 1, the company purchased equipment for $85.200 from Rao Company, paying $31,200 in cash...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr....
Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 20 Purchased $35,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 9% annual interest along with paying $500 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $66,000. __?__...
Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the...
Problem 11-1A Short-term notes payable transactions and entries
LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
Problem 9-1A Short-term notes payable transactions and entries LO P1 Tyrell Co. entered into the following...
Problem 9-1A Short-term notes payable transactions and entries LO P1 Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 10% annual interest along with paying $5,250 in cash. 150 X 60 July 8 Borrowed $80,000 cash from NBR Bank by...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr....
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $37,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual May 19 Replaced the April 20 account payable to Locust with a 90-day, S35.000 note bearing 8% annual July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face inventory system. interest along with paying $2,000 in cash. value of $69, 000....
. . Journal Entries (Set 1 of 3): Please make journal entries for the following transactions....
. . Journal Entries (Set 1 of 3): Please make journal entries for the following transactions. Here are several important reminders (applicable to all three sets of entries): Consider this set of events to be a stand-alone set of transactions. That is, this set of events and company are unrelated to the other two transaction sets you will complete Indicate the date by each individual transaction. If an adjusting entry is needed, please use the date December 31 (or 12/31)....
analysi Instructions Prepare the entry or entries necessary to correct this account. Assume that the patent...
analysi Instructions Prepare the entry or entries necessary to correct this account. Assume that the patent has a useful life of 10 years. E12-6 (L01,2,5) EXCEL (Recording and Amortization of Intangibles) Marshall Company, organized in 2016, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2017 e, stud equit 1/2/17 4/1/17 7/1/17 8/1/17 9/1/17 Purchased patent (8-year life) Purchase goodwill indefinite life) Purchased franchise with 10-year life;...
ORIGINAL ENTRIES 1. Galle Inc. entered into the following transactions during January. a. January 1: Borrowed...
ORIGINAL ENTRIES 1. Galle Inc. entered into the following transactions during January. a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for cash. C. January 6: Paid $500 to landlord for rent for January. d. January 15: Performed services for customers on account, $10,000. e. January 25: Collected $3,000 from customers for services performed in Transaction d. 1. January 30: Paid salaries of $2,500 for the current month....
Prepare journal entries to record the following transactions entered into by the Merando Company: 2016 June 1 Received a $10.000, 6%, 1-year note from Dan Gore as settlement on his account receivable. The note plus interest for 12 months is due in one year on June 1, 2017 Nov. 1 Sold merchandise on account to Barlow, Inc., for $14,000, terms 2/10, 1/30. Nov. 5 Barlow, Inc., returned merchandise worth $1,000. Nov. 9 Received payment in full from Barlow, Inc. Dec....
Prepare the journal entries necessary to record the
transactions above using appropriate data.
Question 3 View Policies Current Attempt in Progress Described below are certain transactions of Lamar Company for 2018: 1. On May 10, the company purchased goods from Fox Company for $78,100, terms 2/10, 1/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18. 2. On June 1, the company purchased equipment for $85.200 from Rao Company, paying $31,200 in cash...
Problem 11-1A Short-term notes payable transactions and entries
LO P1
[The following information applies to the questions
displayed below.]
Tyrell Co. entered into the following transactions involving
short-term liabilities in 2016 and 2017.
2016
Apr.
20
Purchased $35,500 of merchandise on credit from Locust, terms
n/30. Tyrell uses the perpetual inventory system.
May
19
Replaced the April 20 account payable to Locust with a 90-day,
$35,000 note bearing 7% annual interest along with paying $500 in
cash.
July
8
Borrowed...
Problem 9-1A Short-term notes payable transactions and entries LO P1 Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 10% annual interest along with paying $5,250 in cash. 150 X 60 July 8 Borrowed $80,000 cash from NBR Bank by...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 2016 Apr. 20 Purchased $37,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual May 19 Replaced the April 20 account payable to Locust with a 90-day, S35.000 note bearing 8% annual July 8 Borrowed $69,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face inventory system. interest along with paying $2,000 in cash. value of $69, 000....
. . Journal Entries (Set 1 of 3): Please make journal entries for the following transactions. Here are several important reminders (applicable to all three sets of entries): Consider this set of events to be a stand-alone set of transactions. That is, this set of events and company are unrelated to the other two transaction sets you will complete Indicate the date by each individual transaction. If an adjusting entry is needed, please use the date December 31 (or 12/31)....
analysi Instructions Prepare the entry or entries necessary to correct this account. Assume that the patent has a useful life of 10 years. E12-6 (L01,2,5) EXCEL (Recording and Amortization of Intangibles) Marshall Company, organized in 2016, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2017 e, stud equit 1/2/17 4/1/17 7/1/17 8/1/17 9/1/17 Purchased patent (8-year life) Purchase goodwill indefinite life) Purchased franchise with 10-year life;...
ORIGINAL ENTRIES 1. Galle Inc. entered into the following transactions during January. a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for cash. C. January 6: Paid $500 to landlord for rent for January. d. January 15: Performed services for customers on account, $10,000. e. January 25: Collected $3,000 from customers for services performed in Transaction d. 1. January 30: Paid salaries of $2,500 for the current month....
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