Homework Answers
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Question 19 1 & 2
1. Crabb received $18,000 from a customer on November 1 related...
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 18 5-8 5. Paid $6,000 for utilities and $4.000 for advertising. NOTE: Debit entries need...
question 18 5-8
5. Paid $6,000 for utilities and $4.000 for advertising. 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 Debit Credit 6. Provided $22,000 of services to a customer on account. NOTE: Debit entries need to be listed first. Please do...
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 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...
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...
On January 1, 2017, Stellar Co. borrowed and received $517,000 from a major customer evidenced by...
On January 1, 2017, Stellar Co. borrowed and received $517,000 from a major customer evidenced by a zero-interest-bearing note due in 4 years. As consideration for the zero-interest-bearing feature, Stellar agrees to supply the customer’s inventory needs for the loan period at lower than the market price. The appropriate rate at which to impute interest is 8%. (a) Prepare the journal entry to record the initial transaction on January 1, 2017. (b) Prepare the journal entry to record any adjusting...
Use the following to answer questions 9 - 10 On November 1", the company received a...
Use the following to answer questions 9 - 10 On November 1", the company received a $21,000 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November 1 and no other entries regarding this transaction were made until December 31st. 9. $_ After the adjusting entry has been recorded on December 31", determine the ending balance in the deferred revenue account that should be recorded on the December 31"...
Exercise 14-18 On January 1, 2017, Oriole Co. borrowed and received $508,000 from a major customer...
Exercise 14-18 On January 1, 2017, Oriole Co. borrowed and received $508,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years. As consideration for the zero-interest-bearing feature, Oriole agrees to supply the customer's inventory needs for the loan period at lower than the market price. The appropriate rate at which to impute interest is 8%. (*) Prepare the journal entry to record the initial transaction on January 1, 2017 1) Prepare the journal entry to record...
On January 1, 2017, Metlock Co. borrowed and received $470,000 from a major customer evidenced by...
On January 1, 2017, Metlock Co. borrowed and received $470,000 from a major customer evidenced by a zero-interest-bearing note due in 5 years. As consideration for the zero-interest-bearing feature, Metlock agrees to supply the customer's inventory needs for the loan period at lower than the market price, The appropriate rate at which to impute interest is 9% (a) Prepare the journal entry to record the initial transaction on January 1,2017. Prepare the journal entry to record any adjusting entries needed...
Use the following to answer questions 9-10 On November 1". the company received a $21,000 payment...
Use the following to answer questions 9-10 On November 1". the company received a $21,000 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November and no other entries regarding this transaction were made until December 31st 9. $ After the adjusting entry has been recorded on December 31, determine the ending balance in the deferred revenue account that should be recorded on the December 31- Balance Sheet 10....
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 18 5-8
5. Paid $6,000 for utilities and $4.000 for advertising. 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 Debit Credit 6. Provided $22,000 of services to a customer on account. NOTE: Debit entries need to be listed first. Please do...
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 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...
Use the following to answer questions 9 - 10 On November 1", the company received a $21,000 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November 1 and no other entries regarding this transaction were made until December 31st. 9. $_ After the adjusting entry has been recorded on December 31", determine the ending balance in the deferred revenue account that should be recorded on the December 31"...
Exercise 14-18 On January 1, 2017, Oriole Co. borrowed and received $508,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years. As consideration for the zero-interest-bearing feature, Oriole agrees to supply the customer's inventory needs for the loan period at lower than the market price. The appropriate rate at which to impute interest is 8%. (*) Prepare the journal entry to record the initial transaction on January 1, 2017 1) Prepare the journal entry to record...
On January 1, 2017, Metlock Co. borrowed and received $470,000 from a major customer evidenced by a zero-interest-bearing note due in 5 years. As consideration for the zero-interest-bearing feature, Metlock agrees to supply the customer's inventory needs for the loan period at lower than the market price, The appropriate rate at which to impute interest is 9% (a) Prepare the journal entry to record the initial transaction on January 1,2017. Prepare the journal entry to record any adjusting entries needed...
Use the following to answer questions 9-10 On November 1". the company received a $21,000 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue was credited on November and no other entries regarding this transaction were made until December 31st 9. $ After the adjusting entry has been recorded on December 31, determine the ending balance in the deferred revenue account that should be recorded on the December 31- Balance Sheet 10....
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