On 1 July 2020, the company signed a Letter of Intent with Benson Company to purchase...
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On 1 July 2020, the company signed a Letter of Intent with Benson Company to purchase a new equipment costing $30,000. No deposit was made. The equipment will be delivered in September 2020.
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(2) On 1 July 2020, the company purchased a 6-month insurance policy for $1,200.
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(3) On 1 July 2020, the company borrowed $50,000 by signing a 12-month 12%
note payable. The entire amount, plus interest, is due one year later.
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(4) On 10 July 2020, the company purchased $5,000 supplies on credit.
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(5) On 15 July 2020, Clarke Company files a lawsuit against Quake Company for $200,000. Quake’s Company’s attorney assesses that the lawsuit is without merit.
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(6) On 20 July 2020, the company paid $10,000 cash for advertisement published in the local newspaper.
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(7) On 25 July 2020, the company decided to hire one more full-time staff at a monthly salary of $4,000. The new staff will join the company on 1 August 2020.
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(8) On 28 July 2020, the company completed a $20,000 job that has not been billed.
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(9) On 31 July 2020, the company paid $12,500 to its employees for the month of July 2020.
Analyse the above and prepare the necessary entries to describe them for the month of July 2020.
Homework Answers
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On 1 July 2020, the company signed a Letter of Intent with
Benson Company to purchase...
Quake Company experienced the following transactions and events in July 2020 Analyse the above and prepare...
Quake Company experienced the following transactions and events
in July 2020
Analyse the above and prepare the necessary entries to describe
them for the month of July 2020.
Question 1 Quake Company experienced the following transactions and events in July 2020. (1) On 1 July 2020, the company signed a Letter of Intent with Benson Company to purchase a new equipment costing $30,000. No deposit was made. The equipment will be delivered in September 2020. (2) On 1 July 2020,...
Alpha Company signed a $200,000 mortgage on July 1, 2018 for the purchase of their new...
Alpha Company signed a $200,000 mortgage on July 1, 2018 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $2,600 at the end of each month. The interest rate is 5.0% per year. How much interest expense will be paid on August 31, 2018? (Duration of mortgage was never given)
Allstar Company signed a $150,000 mortgage on July 1, 2018 for the purchase of their new...
Allstar Company signed a $150,000 mortgage on July 1, 2018 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $2,600 at the end of each month. The interest rate is 7.0% per year. How much interest expense will be paid on August 31, 2018? (Round your answer to the nearest whole dollar.)
Allstar Company signed a $200,000 mortgage on July 1, 2018 for the purchase of their new...
Allstar Company signed a $200,000 mortgage on July 1, 2018 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $2,900 at the end of each month. The interest rate is 8.0% per year. How much interest expense will be paid on August 31, 2018? (Round your answer to the nearest whole dollar.)
On July 1, 2020, Yorkton Company purchased for $640,000 equipment having an estimated useful life of...
On July 1, 2020, Yorkton Company purchased for $640,000 equipment having an estimated useful life of eight years with an estimated residual value of $30,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 2020 2021 2022 1. Double-declining-balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year 2. Straight-line method: Equipment Less: Accumulated depreciation...
On July 1, 2020, Yorkton Company purchased for $438,000 equipment having an estimated useful life of...
On July 1, 2020, Yorkton Company purchased for $438,000 equipment having an estimated useful life of five years with an estimated residual value of $22,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 2020 2021 2022 1. Double-declining balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year $ 0 $ 0 $ 0...
View Policies Current Attempt in Progress Nancy Jackson opened a law office on July 1, 2020....
View Policies Current Attempt in Progress Nancy Jackson opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,200, Accounts Receivable $1,900, Supplies $500, Equipment $6,300, Accounts Payable $4,300, and Owner's Capital $9,600. During August, the following transactions occurred. 1. Collected $1,600 of accounts receivable. 2. Paid $2,800 cash on accounts payable. 3. Recognized revenue of $8,500, of which $3,200 is collected in cash and the balance is due in September. Purchased additional equipment...
Mike Greenberg opened Indigo Window Washing Co.on July 1, 2020. During July, the following transactions were...
Mike Greenberg opened Indigo Window Washing Co.on July 1, 2020. During July, the following transactions were completed. July 1 1 3 5 12 18 Owner invested $13,900 cash in the company. Purchased used truck for $9,280, paying $2,320 cash and the balance on account. Purchased cleaning supplies for $1,040 on account. Paid $2,040 cash on a 1-year insurance policy effective July 1. Billed customers $4,290 for cleaning services performed. Paid $1,160 cash on amount owed on truck and $580 on...
The client's information is below: Tom Smith opened Smith's Computer Supply Warehouse on July 1, 2020....
The client's information is below: Tom Smith opened Smith's Computer Supply Warehouse on July 1, 2020. Tom sells computer supplies to businesses as well as consumers. During July, 2020, the following transactions occurred: 1) July 1 - Tom Smith purchased 1,000 common stock for $20,000 cash. 2) July 1 - Signed a 1-year lease on a warehouse and paid July rent in the amount of $1,000 3) July 1 - Purchased truck for $6,000, paying $3,000 cash and the balance...
Equipment purchased for $90,000 on January 1, 2020, was sold on July 1, 2023. The company...
Equipment purchased for $90,000 on January 1, 2020, was sold on July 1, 2023. The company uses the straight-line method of computing depreciation and recognizes $11,000 of depreciation expense annually when recording the sale, the company should record a debit to Accumulated Depreciation - Equipment for O A. SO OB. $38.500 OC. $33,000 OD. 544.000
Quake Company experienced the following transactions and events
in July 2020
Analyse the above and prepare the necessary entries to describe
them for the month of July 2020.
Question 1 Quake Company experienced the following transactions and events in July 2020. (1) On 1 July 2020, the company signed a Letter of Intent with Benson Company to purchase a new equipment costing $30,000. No deposit was made. The equipment will be delivered in September 2020. (2) On 1 July 2020,...
On July 1, 2020, Yorkton Company purchased for $640,000 equipment having an estimated useful life of eight years with an estimated residual value of $30,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 2020 2021 2022 1. Double-declining-balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year 2. Straight-line method: Equipment Less: Accumulated depreciation...
On July 1, 2020, Yorkton Company purchased for $438,000 equipment having an estimated useful life of five years with an estimated residual value of $22,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end. Required: Complete the following schedules: (Amount to be deducted should be indicated by a minus sign.) 2020 2021 2022 1. Double-declining balance method: Equipment Less: Accumulated depreciation Year-end book value Depreciation expense for the year $ 0 $ 0 $ 0...
View Policies Current Attempt in Progress Nancy Jackson opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,200, Accounts Receivable $1,900, Supplies $500, Equipment $6,300, Accounts Payable $4,300, and Owner's Capital $9,600. During August, the following transactions occurred. 1. Collected $1,600 of accounts receivable. 2. Paid $2,800 cash on accounts payable. 3. Recognized revenue of $8,500, of which $3,200 is collected in cash and the balance is due in September. Purchased additional equipment...
Mike Greenberg opened Indigo Window Washing Co.on July 1, 2020. During July, the following transactions were completed. July 1 1 3 5 12 18 Owner invested $13,900 cash in the company. Purchased used truck for $9,280, paying $2,320 cash and the balance on account. Purchased cleaning supplies for $1,040 on account. Paid $2,040 cash on a 1-year insurance policy effective July 1. Billed customers $4,290 for cleaning services performed. Paid $1,160 cash on amount owed on truck and $580 on...
The client's information is below: Tom Smith opened Smith's Computer Supply Warehouse on July 1, 2020. Tom sells computer supplies to businesses as well as consumers. During July, 2020, the following transactions occurred: 1) July 1 - Tom Smith purchased 1,000 common stock for $20,000 cash. 2) July 1 - Signed a 1-year lease on a warehouse and paid July rent in the amount of $1,000 3) July 1 - Purchased truck for $6,000, paying $3,000 cash and the balance...
Equipment purchased for $90,000 on January 1, 2020, was sold on July 1, 2023. The company uses the straight-line method of computing depreciation and recognizes $11,000 of depreciation expense annually when recording the sale, the company should record a debit to Accumulated Depreciation - Equipment for O A. SO OB. $38.500 OC. $33,000 OD. 544.000
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