![] Instructions х Paul Corporation uses FIFO and reports the following inventory information: Cost NRV December 31, 2019 $312,](http://img.homeworklib.com/questions/584ae640-0f77-11eb-86f5-c5f834cdb052.png?x-oss-process=image/resize,w_560)
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] Instructions х Paul Corporation uses FIFO and reports the following inventory information: Cost NRV December...
Instructions Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $100,000 of inventory...
Instructions Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Required: Using the net price method, prepare journal entries to record Johnson's purchase on October 23 and the subsequent payment on November 30. Instructions х Chart of Accounts х CHART OF ACCOUNTS Johnson Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable EXPENSES 500 Cost of Goods Sold 141 Inventory 142...
Instructions X Chart of Accounts х CHART OF ACCOUNTS Gundrum Company purchased equipment on January 1,...
Instructions X Chart of Accounts х CHART OF ACCOUNTS Gundrum Company purchased equipment on January 1, 2015 for $874,600. The equipment was expected to have a useful life of 10 years and a salvage value of $32,000. Gundrum uses the straight-line method of depreciation. At the beginning of 2020, Gundrum determined the total estimated life of the equipment was 13 years and the residual value would be $10,400 at the end of that time. Gundrum Company General Ledger Required: Prepare...
On December 1, 2019, Insto Photo Company purchased merchandise, invoice price $32,000, and issued a 6%,...
On December 1, 2019, Insto Photo Company purchased merchandise, invoice price $32,000, and issued a 6%, 120-day note to Ringo Chemicals Company. Insto uses the calendar year as its fiscal year and uses the perpetual inventory system. Required: Prepare journal entries on Insto's books to record the preceding information, including the adjusting entry at the end of the year and payment of the note at maturity. Chart of Accounts Insto Photo Company General Ledger ASSETS REVENUE 111 Cash 411 Sales...
Recording partner's original investment Instructions Chart of Accounts Journal Instructions Kimberty Payne and Arionna Maples decide...
Recording partner's original investment Instructions Chart of Accounts Journal Instructions Kimberty Payne and Arionna Maples decide to form a partnership by combining the assets of their separate businesses. Payme contributes the following assets to the partnership: cash, $23,820; accounts receivable with a face amount of $154,070 and an alowance for doubtful accounts of $3,930; merchandise inventory with a cost of $88,010; and equipment with a cost of $123,640 and accumulated depreciation of $48,490. The partners agree that $5,890 of the...
structions McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made...
structions McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of $1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. At the end of the first quarter of 2020, McKinney & Co. reevaluates its receivables. McKinney's management decides that $8,500 due from Mangold Corporation will not be collectible. This amount was previously included in the allowance account. On April 23, 2020, McKinney & Co, receives a check from Mangold...
(#6) Held-to-Maturity Bond Investment On January 1, 2018, Gatrong Corporation purchased 13%, 5-year Fleming Corporation bonds...
(#6) Held-to-Maturity Bond Investment On January 1, 2018, Gatrong Corporation purchased 13%, 5-year Fleming Corporation bonds with a face value of $200,000. It expects to hold these bonds until maturity. The bonds pay interest semiannually on June 30 and December 31. Gatrong paid $215,075, a price that yields a 11% effective annual interest rate. Required: Prepare the journal entry of Gatrong to record the purchase of the bonds. CHART OF ACCOUNTS Gatrong Corporation General Ledger ASSETS 111 Cash 121 Accounts...
Straight-Line Discount Amortization Instructions Chart of Accounts General Journal Instructions Bryan Company issued $510,000 of 9%...
Straight-Line Discount Amortization Instructions Chart of Accounts General Journal Instructions Bryan Company issued $510,000 of 9% face value bonds on January 1, 2016, for $498,840. The bonds are due December 31, 2018, and pay interest semiannually on June 30 and December 31. Bryan uses the straight-line amortization method. Required: Prepare the journal entries to record the issuance of the bonds and the first two interest payments. Chart of Accounts CHART OF ACCOUNTS Bryan Company General Ledger ASSETS 111 Cash 121...
On January 1, 2016, Hackman Corporation issued $1,150,000 face value 7% bonds dated January 1, 2016,...
On January 1, 2016, Hackman Corporation issued $1,150,000 face value 7% bonds dated January 1, 2016, for $1,168,550. The bonds pay interest semiannually on June 30 and December 31 and are due December 31, 2020. Hackman uses the straight-line amortization method. Required: Record the issuance of the bonds and the first two interest payments. CHART OF ACCOUNTS Hackman Corporation General Ledger ASSETS 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 198 Accumulated Depreciation LIABILITIES 211 Accounts...
Chart of Accounts General Journal Instructions On April 1,9,000 shares of $7 par common stock were...
Chart of Accounts General Journal Instructions On April 1,9,000 shares of $7 par common stock were issued at $26, and on April 7,5,000 shares of $70 par preferred stock were issued at $108. Required: Journaize the entries for April 1 and 7. Refer to the Chart of Accounts for exact wording of accountities CHART OF ACCOUNTS General Ledger REVENUE 410 Sales 610 Interest Revenue ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145...
Instructions Quality Move Company made the following expenditures on one of its delivery trucks: Replaced the...
Instructions Quality Move Company made the following expenditures on one of its delivery trucks: Replaced the transmission at a cost of $1,805. Mar. 20 Paid $1,305 for installation of a hydraulic lift. June 11 Paid $54 to change the oil and air filter. Nov. 30 Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts Quality Move Company General Ledger ASSETS REVENUE 410 Sales 110 Cash 111 Petty Cash...
Instructions Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Required: Using the net price method, prepare journal entries to record Johnson's purchase on October 23 and the subsequent payment on November 30. Instructions х Chart of Accounts х CHART OF ACCOUNTS Johnson Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable EXPENSES 500 Cost of Goods Sold 141 Inventory 142...
Instructions X Chart of Accounts х CHART OF ACCOUNTS Gundrum Company purchased equipment on January 1, 2015 for $874,600. The equipment was expected to have a useful life of 10 years and a salvage value of $32,000. Gundrum uses the straight-line method of depreciation. At the beginning of 2020, Gundrum determined the total estimated life of the equipment was 13 years and the residual value would be $10,400 at the end of that time. Gundrum Company General Ledger Required: Prepare...
On December 1, 2019, Insto Photo Company purchased merchandise, invoice price $32,000, and issued a 6%, 120-day note to Ringo Chemicals Company. Insto uses the calendar year as its fiscal year and uses the perpetual inventory system. Required: Prepare journal entries on Insto's books to record the preceding information, including the adjusting entry at the end of the year and payment of the note at maturity. Chart of Accounts Insto Photo Company General Ledger ASSETS REVENUE 111 Cash 411 Sales...
Recording partner's original investment Instructions Chart of Accounts Journal Instructions Kimberty Payne and Arionna Maples decide to form a partnership by combining the assets of their separate businesses. Payme contributes the following assets to the partnership: cash, $23,820; accounts receivable with a face amount of $154,070 and an alowance for doubtful accounts of $3,930; merchandise inventory with a cost of $88,010; and equipment with a cost of $123,640 and accumulated depreciation of $48,490. The partners agree that $5,890 of the...
structions McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of $1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. At the end of the first quarter of 2020, McKinney & Co. reevaluates its receivables. McKinney's management decides that $8,500 due from Mangold Corporation will not be collectible. This amount was previously included in the allowance account. On April 23, 2020, McKinney & Co, receives a check from Mangold...
Chart of Accounts General Journal Instructions On April 1,9,000 shares of $7 par common stock were issued at $26, and on April 7,5,000 shares of $70 par preferred stock were issued at $108. Required: Journaize the entries for April 1 and 7. Refer to the Chart of Accounts for exact wording of accountities CHART OF ACCOUNTS General Ledger REVENUE 410 Sales 610 Interest Revenue ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145...
Instructions Quality Move Company made the following expenditures on one of its delivery trucks: Replaced the transmission at a cost of $1,805. Mar. 20 Paid $1,305 for installation of a hydraulic lift. June 11 Paid $54 to change the oil and air filter. Nov. 30 Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts Quality Move Company General Ledger ASSETS REVENUE 410 Sales 110 Cash 111 Petty Cash...
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