Homework Answers
| Account Title | Debit | Credit | |
| 5. | Utilities expense | $6,000 | - |
| Advertising expense | $4,000 | - | |
| Cash | - | $10,000 | |
| 6. | Accounts receivable | $22,000 | - |
| Service revenue | - | $22,000 | |
| 7. | Dividend | $3,000 | - |
| Cash | - | $3,000 | |
| 8. | Prepaid insurance | $5,000 | - |
| Cash | - | $5,000 | |
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question 18 5-8
5. Paid $6,000 for utilities and $4.000 for advertising. NOTE: Debit entries need...
Question 18 1. Sold $32,000 of common stock to investors. NOTE Debit entries need to be...
Question 18
1. Sold $32,000 of common stock to investors. NOTE Debit entries need to be listed first. Please do not indent credit entries. Dollar values need to be entered with no dollar sign and appropriate commas (eg 5.000). If no dollar value is needed in a blank, put 'o' in the space provided. Account Title Credit Dar Debit 2. Purchased $2,000 of cleaning products on account. The cleaning products will be used to keep Wilson's store clean and will...
1. Jones gave a $2,000 dividend to investors during the year. Prepare the closing entry needed...
1. Jones gave a $2,000 dividend to investors during the year. Prepare the closing entry needed on December 31 NOTE: Debit entries need to be listed first. Please do not indent credit entries. Dollar values need to be entered with no dollar sign and appropriate commas (e.g. 5.000). If no dollar value is needed in a blank, put 'o" in the space provided Account Title Debit Credit 2. Jones earned $58,000 of sales revenue during the year. Prepare the closing...
question 19 3,4,5 3. By December 31, Crabb had provided $14.000 of services to a customer...
question 19 3,4,5
3. By December 31, Crabb had provided $14.000 of services to a customer and had not yet billed them. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5.000). Every box needs an answer. If there is no dollar value for the box, put a 'o' in the space provided. If the t-account is not used, write 'Blank' for the account title. 4. Crabb borrowed $50,000...
Question 19 1 & 2 1. Crabb received $18,000 from a customer on November 1 related...
Question 19 1 & 2
1. Crabb received $18,000 from a customer on November 1 related to services it would provide the customer over the next 6 months. $6,000 of services had been provided by December 31. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5,000). Every box needs an answer. If there is no dollar value for the box, put a "0" in the space provided. If...
Cullumber Company receives $ 385,000 when it issues a $ 385,000, 8%, mortgage note payable to finance...
Cullumber Company receives $ 385,000 when it issues a $ 385,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $ 44,979 on December 31. Prepare an amortization schedule of a mortgage note for two years. (Round answers to 0 decimal places, e.g. 5,275.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date $ enter a dollar amount rounded to 0 decimal...
Monty Corporation issued a 5-year. $78.000, zero-interest-bearing note to Brown Company on January 1, 2020, and...
Monty Corporation issued a 5-year. $78.000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $38,780. The implicit interest rate is 15%. Prepare Monty's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to o decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do...
Exercise 16-21 On January 2, 2020, Crane Corp. issued a $82,000, four–year note at prime plus...
Exercise 16-21
On January 2, 2020, Crane Corp. issued a $82,000, four–year note
at prime plus 1% variable interest, with interest payable
semi–annually. On the same date, Crane entered into an interest
rate swap where it agreed to pay 8% fixed and receive prime plus 1%
for the first six months on $82,000. At each six–month period, the
variable rate will be reset. The prime interest rate is 7.7% on
January 2, 2020, and is reset to 8.7% on June...
These are both part of the same question. I got partial credit (.5/2) for both so...
These are both part of the same question. I got partial credit
(.5/2) for both so I am unsure what is right and whats wrong. need
help figuring out correct account title and debit/credit amounts.
Thank you.
You've been hired by Desert Company to review several transactions that were omitted as Adjusting Entries at December 31, 2019, as the bookkeeper was new and uncertain on how to record them. For each of the transactions listed below, record the appropriate AJE...
(Note: I need help with the Account Titles and a few of the amounts that are...
(Note: I need help with the Account Titles and a few of the
amounts that are marked with questions marks. Please post your
answer exactly the way the question is presented. There are 2
Account Titles in part A and 4 Account Titles in part B. Thanks for
the help!)
Stellar Corporation owns machinery that cost $26,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,216 per year, resulting in a balance in accumulated...
Sunflower Soccer Club is a soccer club for dedicated youth soccer players. Use the following information...
Sunflower Soccer Club is a soccer club for dedicated youth soccer players. Use the following information and the t-accounts provided to record the club’s April purchase transactions, assuming it uses the perpetual inventory system. Sunflower purchased 320 engraved medals on account from Evans Engraving for $3.20 each on April 8. The terms of the purchase were 3/10, n/30. The medals were for the winners of a soccer tournament the following weekend. When Sunflower received the medals on April 12, it...
Question 18
1. Sold $32,000 of common stock to investors. NOTE Debit entries need to be listed first. Please do not indent credit entries. Dollar values need to be entered with no dollar sign and appropriate commas (eg 5.000). If no dollar value is needed in a blank, put 'o' in the space provided. Account Title Credit Dar Debit 2. Purchased $2,000 of cleaning products on account. The cleaning products will be used to keep Wilson's store clean and will...
1. Jones gave a $2,000 dividend to investors during the year. Prepare the closing entry needed on December 31 NOTE: Debit entries need to be listed first. Please do not indent credit entries. Dollar values need to be entered with no dollar sign and appropriate commas (e.g. 5.000). If no dollar value is needed in a blank, put 'o" in the space provided Account Title Debit Credit 2. Jones earned $58,000 of sales revenue during the year. Prepare the closing...
question 19 3,4,5
3. By December 31, Crabb had provided $14.000 of services to a customer and had not yet billed them. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5.000). Every box needs an answer. If there is no dollar value for the box, put a 'o' in the space provided. If the t-account is not used, write 'Blank' for the account title. 4. Crabb borrowed $50,000...
Question 19 1 & 2
1. Crabb received $18,000 from a customer on November 1 related to services it would provide the customer over the next 6 months. $6,000 of services had been provided by December 31. Prepare the adjusting entry needed on December 31. NOTE: Enter dollar values with no dollar sign and appropriate commas (e.g. 5,000). Every box needs an answer. If there is no dollar value for the box, put a "0" in the space provided. If...
Monty Corporation issued a 5-year. $78.000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $38,780. The implicit interest rate is 15%. Prepare Monty's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to o decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do...
Exercise 16-21
On January 2, 2020, Crane Corp. issued a $82,000, four–year note
at prime plus 1% variable interest, with interest payable
semi–annually. On the same date, Crane entered into an interest
rate swap where it agreed to pay 8% fixed and receive prime plus 1%
for the first six months on $82,000. At each six–month period, the
variable rate will be reset. The prime interest rate is 7.7% on
January 2, 2020, and is reset to 8.7% on June...
These are both part of the same question. I got partial credit
(.5/2) for both so I am unsure what is right and whats wrong. need
help figuring out correct account title and debit/credit amounts.
Thank you.
You've been hired by Desert Company to review several transactions that were omitted as Adjusting Entries at December 31, 2019, as the bookkeeper was new and uncertain on how to record them. For each of the transactions listed below, record the appropriate AJE...
(Note: I need help with the Account Titles and a few of the
amounts that are marked with questions marks. Please post your
answer exactly the way the question is presented. There are 2
Account Titles in part A and 4 Account Titles in part B. Thanks for
the help!)
Stellar Corporation owns machinery that cost $26,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $3,216 per year, resulting in a balance in accumulated...
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