Write the journal entries for the following transaction of Amy's publishing company in September 2020:
On September 30th, Amy's publishing company delivered the advertising pamphlets to the customer according to the contract. The direct cost of producing these pamphlets is $2,000 and is recorded as inventory on the balance sheet of Amy's publishing company. We will deal with how to recognize the inventory cost for a manufacturing company later in the class. The payment will be received in 30 days in the amount of $5000. The receipts of the full payment is reasonably assured.
Write the journal entries for the following transaction of Amy's publishing company in September 2020: On...
Write the journal entries for the following transaction of Amy's publishing company in September 2020: On September 1st 2020, Amy's publishing company signed a contract with a customer to print 1000 copies of advertising pamphlet at $5 each to be delivered on September 30th. The customer will pay $5,000 within 30 days of the delivery of the pamphlets.
Write the journal entries for the following transaction of Amy's publishing company in September 2020. On September 30th, Amy's publishing company estimated that it has consumed $2000 worth of utilities, including electricity and water during the month of September. The utility companies have not sent the bills to Amy's publishing company yet.
Write the journal entries for the following transaction of Amy's publishing company in September 2020: On September 20th, Amy's publishing company paid for the next year's insurance premium of $3,000 in cash.
Match the proper journal to the transaction. The Company sold $5,000 of inventory to a customer with terms 2/10,n/30. The inventory cost the company $2,500. [Choose) The Company purchased $2,000 of inventory with terms 2/10,n/30. [Choose] The company borrowed $50,000 from the bank by signing a note. [Choose] The company paid $15,000 of wages to its employees for the current month. [Choose] The Company made an adjusting journal entry to adjust the amount of prepaid insurance used during the month....
Prepare journal entries for the transactions below. A company entered into the following transactions during April. This is the first month of their operation. April 1st: Signed a lease and made a payment of $4,500 to the landlord comprised of three month’s rent covering April, May, and June. April 3rd: Purchased equipment on account for $35,000. April 4th: Purchased supplies for $2,000, paid with cash. April 10th: Performed services and sent a bill of $57,000 to a customer. April 15th:...
The company’s year end is September 30. Prepare the journal entries required at each date, as well as any necessary adjusting entries required on Sept. 30 at the year end. April 1 Investors contributed $350,000 in cash to start the Company. April 15 The Company purchased a warehouse for $125,000. Depreciation for the six months totaled $1,000. April 17 The Company purchased sixteen golf bags for $8,000 total ($500 each). The company paid for half of the stock with cash...
accounting journal entries for each transactions no journal entry may be recorded company had following happen in October October 1- Paid 300 for rent October 3- Purchased fuel costing $350 for next trip October 5- Received $300 from customer to ship items next month October 6- Customer paid $600 for a service October 10 - Paid $100 for advertisement in local paper to run later in month October 12 - Paid worker $2,000 for wages for last month ( recorded...
Blossom Company uses special journals and a general journal. The following transactions occurred during September 2020. Sept. Sold merchandise on account to H. Drew, invoice no. 101. $730, terms 1/30. The cost of the merchandise sold was $470. 10 Purchased merchandise on account from A. Pagan $570, terms 2/10, 1/30. 12 21 Purchased office equipment on account from R. Cairo $6,200. Sold merchandise on account to G. Holliday, invoice no. 102 for $790, terms 2/10, /30. The cost of the...
Drake Appliance Company, an accrual basis taxpayer, sells home appliances and service contracts. Determine the effect of each of the following transactions on the company's 2020 grocs income assuming that the company uses any available options to defer its taxes. a. In December 2019, the company received a $1,200 advance payment from a customer for an appliance that Drake special ordered from the manufacturer. The appliance did not arrive from the manufacturer until January 2020, and Drake immediately delivered it...
Prepare general journal entries to record each transaction. Omit
explanations.
Pastina Company manufactures and sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The December 31, 2020 trial balance is as follows: Credits PASTINA COMPANY Trial Balance December 31, 2020 Account Title Debits Cash $ 24,550 Accounts receivable 22,000 Supplies 1,400 Inventory 68,000 Prepaid rent 1,250 Office equipment 92,000 Accumulated depr.-office equipment Accounts payable Salaries payable Common stock Retained earnings...