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ABC firm purchased 100 food processors in 2019. By the end of 2019, there are 50...
QUESTION 3 On November 30, 2019, Tate Comapny sold goods that cost 4,000 for a selling...
QUESTION 3 On November 30, 2019, Tate Comapny sold goods that cost 4,000 for a selling price of $6,000. The company sold the goods on account. The entry to record the sale is None of these are correct. debit Accounts Receivable and creidt Sales Revenue for $2,000 debit Accounts Receivable and creidt Sales Revenue for $6,000; and debit Cost of Goods Sold and credit Merchandise Inventory for $4,000. debit Accounts Receivable for $6,000; and credit Sales Revenue for $2,000 and...
Question 2 (30 points, 5 points each) Show the debits and credits for the transactions listed below. The accounts to use to fil in the table are as follows: cash, accounts payable, raw materials inve...
Question 2 (30 points, 5 points each) Show the debits and credits for the transactions listed below. The accounts to use to fil in the table are as follows: cash, accounts payable, raw materials inventory, work in progress, finished goods inventory, cost of goods sold, sales revenue, and accounts receivable. Indicate whether the accounts go up or down and how much do they change by following the example given below Example: Order and receive $2,000 of steel from a supplier...
PLEASE ANSWER EVERY PART OF THE QUESTION WITH DETAILED EXPLANATION SO I CAN UNDERSTAND Question 2 (30 points, 5 points...
PLEASE ANSWER EVERY PART OF THE QUESTION WITH DETAILED
EXPLANATION SO I CAN UNDERSTAND
Question 2 (30 points, 5 points each) Show the debits and credits for the transactions listed below. The accounts to use to fill in the table are as follows: cash, accounts payable, raw materials inventory, work in progress, finished goods inventory, cost of goods sold, sales revenue, and accounts receivable. Indicate whether the accounts go up or down and how much do they change by following...
3. On March 1, 2019 - An investor purchased 100 shares of stock (100%) from ABC...
3. On March 1, 2019 - An investor purchased 100 shares of stock (100%) from ABC Co. for $1.500,000 cash. The par value of the stock was $1/share. ABC Company purchased equipment for $90,000; paying $40,000 and financing (through a long-term note) the remaining portion. The note charges 12% (APR) interest. ABC had the following transactions after 3/1/2019: Sold and delivered services for $820,000. $460,000 cash was received immediately and the remaining amounts will be received in 2020. ABC was...
Alan Company purchased $400,000 of ABC Co. 5%6 bonds at 100 plus accrued interest of $4,500....
Alan Company purchased $400,000 of ABC Co. 5%6 bonds at 100 plus accrued interest of $4,500. Alan later sold $250,000 of the bonds at 97. The journa entry for the purchase would indlude a . debit to Interest Revenue for $4,500 b. debit to Interest Receivable for $4,500 c credit to Interest Revenue for $4,500 d credit to Interest Receivable for $4,500
1. Javelina Unlimited's account balances on December 1, 2019 are as follows: Cash Account Receivable Allowance...
1. Javelina Unlimited's account balances on December 1, 2019 are as follows: Cash Account Receivable Allowance for Doubtful Accounts Notes receivable Investory Prepaid insurance Office Supplies Land Buildings Accumulated Depr. Building Equipment Accumulated Depr - Equip Patents Debit Credit $ 7,800 $ 12,530 $ 740 $ 6,000 $ 25,121 $ 840 $ 465 $ 74,350 $ 66,580 $ 21,400 $ 37,620 $ 11,480 $ 25,000 Debit Credit Accounts Payable $ 38,750 Unearned Revenue 4,000 Notes Payable $ 2,400 Common Stock,...
15. On May. . Ace Bonding Company purchased inventory costing $2,000 on account. If credit terms...
15. On May. . Ace Bonding Company purchased inventory costing $2,000 on account. If credit terms are 2/10 30 and Ace pays for this inventory on May 30 which of the following records the payment using a perpetual inventory system? A Accounts Payable 2.000 2,000 1.900 40 2.000 2,000 B Accounts Payable Inventory Cash Accounts Payable Inventory Cash D. Cash Accounts Payable 1,960 2,000 16. A company has 10 units of inventory with a recorded cost of $60. If the...
On December 1, 2019, Ayayai Company had the account balances shown below. Debit Credit Cash $6,800...
On December 1, 2019, Ayayai Company had the account balances
shown below.
Debit
Credit
Cash
$6,800
Accumulated Depreciation—Equipment
$1,500
Accounts Receivable
3,700
Accounts Payable
3,000
Inventory
1,815
*
Common Stock
18,000
Equipment
21,600
Retained Earnings
11,415
$33,915
$33,915
*(3,300 x $0.55)
The following transactions occurred during December.
Dec. 3
Purchased 4,600 units of inventory on account at a cost of
$0.65 per unit.
5
Sold 4,900 units of inventory on account for $0.84 per unit.
(Ayayai sold 3,300 of the...
1. Javelina Unlimited's account balances on December 1, 2019 are as follows: Cash Account Recelvable Allowance...
1. Javelina Unlimited's account balances on December 1, 2019 are as follows: Cash Account Recelvable Allowance for Doubtful Accounts Notes receivable Invesntory Prepaid insurance Office Supplies Iland Buildings Accumulated Depr-Building Equipment Accumulated Dept. Equip Patents Debit Credit S 7,800 S 12530 $ 740 S6,000 S 25.121 S 840 S 465 $ 74,350 S 66.580 S 21.400 $ 37,620 $ 11.480 S 25.000 Accounts Payable Uneamed Revenue Notes Payable Common Stock, No par Retained Earnings, Jan 1 Sales Revenue Cost of...
ABC Corp had the following financial data related to the year-end 2018 and 2019. Prepare the...
ABC Corp had the following financial data related to the year-end 2018 and 2019. Prepare the Statement of Cash Flows, as of December 31, 2019, for ABC Corp. Comparative Balance Sheet Data ABC Corp Balance Sheet December 31 2019 2018 Cash $ 142,740 $ 46,080 Accounts Receivable 126,360 58,800 Inventories 146,250 123,420 Long-term Investments 111,800 112,800 Equipment, net 286,000 228,600 $813,150 $ 569,700 Accounts Payable $ 130,000 $ 80,760 Income Tax Payable 21,450 20,400 Bonds Payable 97,500 132,000 Common...
QUESTION 3 On November 30, 2019, Tate Comapny sold goods that cost 4,000 for a selling price of $6,000. The company sold the goods on account. The entry to record the sale is None of these are correct. debit Accounts Receivable and creidt Sales Revenue for $2,000 debit Accounts Receivable and creidt Sales Revenue for $6,000; and debit Cost of Goods Sold and credit Merchandise Inventory for $4,000. debit Accounts Receivable for $6,000; and credit Sales Revenue for $2,000 and...
Question 2 (30 points, 5 points each) Show the debits and credits for the transactions listed below. The accounts to use to fil in the table are as follows: cash, accounts payable, raw materials inventory, work in progress, finished goods inventory, cost of goods sold, sales revenue, and accounts receivable. Indicate whether the accounts go up or down and how much do they change by following the example given below Example: Order and receive $2,000 of steel from a supplier...
PLEASE ANSWER EVERY PART OF THE QUESTION WITH DETAILED
EXPLANATION SO I CAN UNDERSTAND
Question 2 (30 points, 5 points each) Show the debits and credits for the transactions listed below. The accounts to use to fill in the table are as follows: cash, accounts payable, raw materials inventory, work in progress, finished goods inventory, cost of goods sold, sales revenue, and accounts receivable. Indicate whether the accounts go up or down and how much do they change by following...
3. On March 1, 2019 - An investor purchased 100 shares of stock (100%) from ABC Co. for $1.500,000 cash. The par value of the stock was $1/share. ABC Company purchased equipment for $90,000; paying $40,000 and financing (through a long-term note) the remaining portion. The note charges 12% (APR) interest. ABC had the following transactions after 3/1/2019: Sold and delivered services for $820,000. $460,000 cash was received immediately and the remaining amounts will be received in 2020. ABC was...
Alan Company purchased $400,000 of ABC Co. 5%6 bonds at 100 plus accrued interest of $4,500. Alan later sold $250,000 of the bonds at 97. The journa entry for the purchase would indlude a . debit to Interest Revenue for $4,500 b. debit to Interest Receivable for $4,500 c credit to Interest Revenue for $4,500 d credit to Interest Receivable for $4,500
1. Javelina Unlimited's account balances on December 1, 2019 are as follows: Cash Account Receivable Allowance for Doubtful Accounts Notes receivable Investory Prepaid insurance Office Supplies Land Buildings Accumulated Depr. Building Equipment Accumulated Depr - Equip Patents Debit Credit $ 7,800 $ 12,530 $ 740 $ 6,000 $ 25,121 $ 840 $ 465 $ 74,350 $ 66,580 $ 21,400 $ 37,620 $ 11,480 $ 25,000 Debit Credit Accounts Payable $ 38,750 Unearned Revenue 4,000 Notes Payable $ 2,400 Common Stock,...
15. On May. . Ace Bonding Company purchased inventory costing $2,000 on account. If credit terms are 2/10 30 and Ace pays for this inventory on May 30 which of the following records the payment using a perpetual inventory system? A Accounts Payable 2.000 2,000 1.900 40 2.000 2,000 B Accounts Payable Inventory Cash Accounts Payable Inventory Cash D. Cash Accounts Payable 1,960 2,000 16. A company has 10 units of inventory with a recorded cost of $60. If the...
On December 1, 2019, Ayayai Company had the account balances
shown below.
Debit
Credit
Cash
$6,800
Accumulated Depreciation—Equipment
$1,500
Accounts Receivable
3,700
Accounts Payable
3,000
Inventory
1,815
*
Common Stock
18,000
Equipment
21,600
Retained Earnings
11,415
$33,915
$33,915
*(3,300 x $0.55)
The following transactions occurred during December.
Dec. 3
Purchased 4,600 units of inventory on account at a cost of
$0.65 per unit.
5
Sold 4,900 units of inventory on account for $0.84 per unit.
(Ayayai sold 3,300 of the...
1. Javelina Unlimited's account balances on December 1, 2019 are as follows: Cash Account Recelvable Allowance for Doubtful Accounts Notes receivable Invesntory Prepaid insurance Office Supplies Iland Buildings Accumulated Depr-Building Equipment Accumulated Dept. Equip Patents Debit Credit S 7,800 S 12530 $ 740 S6,000 S 25.121 S 840 S 465 $ 74,350 S 66.580 S 21.400 $ 37,620 $ 11.480 S 25.000 Accounts Payable Uneamed Revenue Notes Payable Common Stock, No par Retained Earnings, Jan 1 Sales Revenue Cost of...
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