Homework Answers
Credit sales totalled $3214 from January 26 to January 31. The journal entry on 31 january would be
- Accrued revenue 3214
- Revenue 3214
- (Being credit sales recognised)
The accrued revenue is recognsed when sales have been made but not billed to the customers. Acrued revenue is used in the light of matching concept, so as to match the revenues with the expenses. The journal entry would look the same as above,
However, when on 1 February, customers are billed, entry would look like:
- Accounts receivable 3214
- Accrued revenue 3214
- (Being billing made to customers)
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Activity #3 Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company...
Activity #3 Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500 on February 1. It is a 9-month note with a 6% interest rate. The company prepares financial statements on a quarterly basis. Prepare the necessary adjusting entry, 2. Employees are paid every other Monday for the previous 2 week pay period. January 31 is on a Saturday. The last pay day was Monday, January 26 for the 2- week period of January...
Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500...
Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500 on February 1. It is a 9-month note with a 6% interest rate. The company prepares financial statements on a quarterly basis. Prepare the necessary adjusting entry. 2. Employees are paid every other Monday for the previous 2-week pay period. January 31 is on a Saturday. The last pay day was Monday, January 26 for the 2 week period of January 12-25. Each employee...
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On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Credit...
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Credit Debit $ 59,900 27,400 $ 3,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 37,500 26,400 167,000 16,000 232,000 66,800 $318,200 $318,200 During January 2021, the following transactions occur: January 1 Purchase equipment for $20,700. The company estimates a residual value of $2,700 and a six-year service life....
On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: ...
On January 1, 2018, the general ledger of Big Blast Fireworks
includes the following account balances:
Accounts
Debit
Credit
Cash
$
24,700
Accounts Receivable
43,500
Inventory
44,000
Land
82,600
Allowance for Uncollectible Accounts
3,100
Accounts Payable
28,200
Notes Payable (9%, due in 3 years)
44,000
Common Stock
70,000
Retained Earnings
49,500
Totals
$
194,800
$
194,800
The $44,000 beginning balance of inventory consists of 440
units, each costing $100. During January 2018, Big Blast Fireworks
had the following inventory transactions:
...
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A company is in its first month of operations. On January 1, the company pays 3...
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Required information Knowledge Check 01 On January 5, Barnaby, Inc., purchased a patent costing $100,000 with a useful life of 20 years. The company records its adjustin entries at the end of each year on December 31 Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amou in the debitor credit columns View transaction list Journal entry worksheet < On January 5, Bamaby, Inc., purchased a patent costing $100,000 with a...
Activity #3 Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500 on February 1. It is a 9-month note with a 6% interest rate. The company prepares financial statements on a quarterly basis. Prepare the necessary adjusting entry, 2. Employees are paid every other Monday for the previous 2 week pay period. January 31 is on a Saturday. The last pay day was Monday, January 26 for the 2- week period of January...
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On January 1, 2018, the general ledger of Big Blast Fireworks
includes the following account balances:
Accounts
Debit
Credit
Cash
$
24,700
Accounts Receivable
43,500
Inventory
44,000
Land
82,600
Allowance for Uncollectible Accounts
3,100
Accounts Payable
28,200
Notes Payable (9%, due in 3 years)
44,000
Common Stock
70,000
Retained Earnings
49,500
Totals
$
194,800
$
194,800
The $44,000 beginning balance of inventory consists of 440
units, each costing $100. During January 2018, Big Blast Fireworks
had the following inventory transactions:
...
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