A car was purchased for Otto Enterprise, in the amount 18,000
Please keep track of your work.
Prepare the necessary Journal Entry to record these transactions. If an entry is not required for any of these transactions, state this and explain why.
A car was purchased for Otto Enterprise, in the amount 18,000; 20% was paid in cash and a promissory note was signed for the remaining balance.
Homework Answers
Prepare the necessary Journal Entry to record these transactions
Please keep track of your work. Prepare the necessary Journal Entry to record these transactions. If an entry is not required for any of these transactions, state this and explain why. Mr. Otto invested $159,000 in Otto Enterprise; Mr. Otto received Common Stock
A cash dividend was paid in the amount of $3,800.
Please keep track of your work. Prepare the necessary Journal Entry to record these transactions. If an entry is not required for any of these transactions, state this and explain why. A cash dividend was paid in the amount of $3,800.
Prepare the necessary Journal Entry to record these transactions
Prepare the necessary Journal Entry to record these transactions. If an entry is not required for any of these transactions, state this and explain why. Otto Enterprise received January invoices for: Telephone Expense - $290, Consulting Expense - $4,800, Legal Expense - $2,800 and Utilities Expense - $630; these were all paid by check.
Journal Entry Worksheet Financial Accounting Problem The following events occurred for Mitka Ltd.: a. Received investment...
Journal Entry Worksheet
Financial Accounting Problem
The following events occurred for Mitka Ltd.: a. Received investment of $32,100 cash by organizers. b. Purchased land for $18,200in land; paid $6,100 in cash and signed a mortgage note with a local bank for the balance (due in five years). c. Borrowed cash from a bank and signed a note for $11,100. d. Lent $400 to an employee who signed a note due in three months. e. Paid the bank the amount borrowed...
e. Assume that a machine was purchased for $53,700. Cash of $24,500 was paid, and a...
e. Assume that a machine was purchased for $53,700. Cash of $24,500 was paid, and a four-year, 8% note payable was signed for the balance. 1. Prepare the horizontal model and record the journal entry, to show the purchase of the machine as described. 2. How much is the equal annual payment of principal and interest due at the end of each year? 3. What is the total amount of interest expense that will be reported over the life of...
Ethan Allen Interiors Inc. is a leading manufacturer and retailer of home furnishings in the United...
Ethan Allen Interiors Inc. is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Ethan Allen's September 30, 2013, trial balance. (The amounts shown represent millions of dollars.) Accounts Payable Accounts Receivable Cash Common Stock Equipment Inventories $121 13 106 21 290 142 150 Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Salaries and Wages Payable Short-term Investments Software 23 321 23 13 50 Assume that the following...
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South...
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. All of the company's transactions with customers, employees, and suppliers are conducted in cash; there is no credit. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is...
Please Someone Anyone Help Me!!! Gold Nest Company of Guandong, China, is a family owned enterprise...
Please Someone Anyone Help Me!!!
Gold Nest Company of Guandong, China, is a family owned enterprise that makes birdcages for the South China market. The compar sells its birdcages through an extensive network of street vendors who receive commissions on their sales The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermine overhead rate is based on a cost formula that estimated $75,000 of manufacturing overhead for...
E2-6 Recording Investing and Financing Activities [LO 2-3] The following events occurred for Favata Company: a....
E2-6 Recording Investing and Financing Activities [LO 2-3] The following events occurred for Favata Company: a. Received $18,000 cash from owners and issued stock to them. b. Borrowed $15,000 cash from a bank and signed a note due later this year. c. Bought and received $1,600 of equipment on account. d. Purchased land for $28,000; paid $2,600 in cash and signed a long-term note for $25,400. e. Purchased $11,000 of equipment, paid $2,600 in cash and charged the rest on...
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South...
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales The company uses a job order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $330,000 of manufacturing overhead for an estimated activity level of...
Journal Entry Worksheet
Financial Accounting Problem
The following events occurred for Mitka Ltd.: a. Received investment of $32,100 cash by organizers. b. Purchased land for $18,200in land; paid $6,100 in cash and signed a mortgage note with a local bank for the balance (due in five years). c. Borrowed cash from a bank and signed a note for $11,100. d. Lent $400 to an employee who signed a note due in three months. e. Paid the bank the amount borrowed...
e. Assume that a machine was purchased for $53,700. Cash of $24,500 was paid, and a four-year, 8% note payable was signed for the balance. 1. Prepare the horizontal model and record the journal entry, to show the purchase of the machine as described. 2. How much is the equal annual payment of principal and interest due at the end of each year? 3. What is the total amount of interest expense that will be reported over the life of...
Ethan Allen Interiors Inc. is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Ethan Allen's September 30, 2013, trial balance. (The amounts shown represent millions of dollars.) Accounts Payable Accounts Receivable Cash Common Stock Equipment Inventories $121 13 106 21 290 142 150 Notes Payable (long-term) Notes Payable (short-term) Prepaid Rent Retained Earnings Salaries and Wages Payable Short-term Investments Software 23 321 23 13 50 Assume that the following...
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. All of the company's transactions with customers, employees, and suppliers are conducted in cash; there is no credit. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is...
Please Someone Anyone Help Me!!!
Gold Nest Company of Guandong, China, is a family owned enterprise that makes birdcages for the South China market. The compar sells its birdcages through an extensive network of street vendors who receive commissions on their sales The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermine overhead rate is based on a cost formula that estimated $75,000 of manufacturing overhead for...
E2-6 Recording Investing and Financing Activities [LO 2-3] The following events occurred for Favata Company: a. Received $18,000 cash from owners and issued stock to them. b. Borrowed $15,000 cash from a bank and signed a note due later this year. c. Bought and received $1,600 of equipment on account. d. Purchased land for $28,000; paid $2,600 in cash and signed a long-term note for $25,400. e. Purchased $11,000 of equipment, paid $2,600 in cash and charged the rest on...
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales The company uses a job order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $330,000 of manufacturing overhead for an estimated activity level of...
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