Date | Accounts and Explanations | Debit | Credit |
1/15/21 | Cash | 8000 | |
Unearned revenue | 8000 | ||
(To record unearned sales revenue) | |||
2/03/21 | Cash | 7700 | |
Customer deposits payable | 7700 | ||
(To record refundable deposit of customers) | |||
2/06/21 | Cash | 68000 | |
Unearned revenue | 8000 | ||
... Sales | 76000 | ||
(Delivered goods and balance received) | |||
3/31/21 | Accounts Receivable | 800000 | |
Sales Revenue (800000-6%) | 752000 | ||
State Sales Tax payable (800000*4%) | 32000 | ||
Local Sales tax payable (800000*2%) | 16000 | ||
(To record sales revenue) |
The following selected transactions relate to liabilities of Chicago Glass Corporation for 2021. Chicago's fiscal year...
The following selected transactions relate to liabilities of Chicago Glass Corporation for 2021. Chicago's fiscal year ends on December 1. On January 15, Chicago received $6,000 from Henry Construction toward the purchase of $56,000 of plate glass to be delivered on February 6. 2. On February 3, Chicago received $5,700 of refundable deposits relating to containers used to transport glass components. 3. On February 6, Chicago delivered the plate glass to Henry Construction and received the balance of the purchase...
The following selected transactions relate to liabilities of Chicago Glass Corporation for 2018. Chicago's fiscal year ends on December 31. 1. On January 15, Chicago received $6,200 from Henry Construction toward the purchase of $58,000 of plate glass to be delivered on February 6 2. On February 3, Chicago received $5,900 of refundable deposits relating to containers used to transport glass components 3. On February 6, Chicago delivered the plate glass to Henry Construction and received the balance of the...
The following selected transactions relate to liabilities of Interstate Farm Equipment Company for December 2021. Interstate's fiscal year ends on December 31 Required: Prepare the appropriate journal entries for these transactions. 1. On December 15, received $7,000 from Bradley Farms toward the sale by Interstate of a $91,000 tractor to be delivered to Bradley on January 6, 2022 2. During December, received $41,000 of refundable deposits relating to containers used to transport equipment parts. 3. During December, credit sales totaled...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022 Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $16,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $33,000,000 at the bank's prime rate (15.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden’s fiscal year ends on December 31. Its financial statements are issued in April. 2021 On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $20,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. On October 1, borrowed $17...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $20,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $20,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $16,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $23,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...