Homework Answers
| Date | Account Names | Debit | Credit |
| 23-Nov | Cash | $ 1,350,000.00 | |
| Common Stock (200,000 x $1.25) | $ 250,000.00 | ||
| Additional paid in Capital (balancing) | $ 1,100,000.00 | ||
| (To record the business Started) | |||
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Required: Prepare the entries in proper general journal form to record the following transactions for Dizzy...
b) On November 25, Dizzy Controls Inc. exchanged 40,000 shares of its $1.25 par value common...
b) On November 25, Dizzy Controls Inc. exchanged 40,000 shares of its $1.25 par value common stock for a plot of land that the Company will eventually use as the site for an office building. The Company and the original land owner agreed that the common shares and the land had a total fair value of $270,000 on November 25. DEBIT ACCOUNT NAMES DATE CREDIT Supporting Computations Required:
Instructions a. Prepare in general journal form the entries to record the above transactions. b. Prepare...
Instructions a. Prepare in general journal form the entries to record the above transactions. b. Prepare the stockholders' equity section of the balance sheet at December 31, 2015. Use the format illustrated in Exhibit 12-6. Include a supporting schedule showing your computation of retained earnings at that date. Compute the maximum cash dividend per share that legally could be declared at December 31, 2015, without impairing the paid-in capital of Thompson Service. (Hint: The availability of retained earnings for dividends...
For each of the following independent situations, prepare journal entries to record the initial transaction on...
For each of the following independent situations, prepare journal entries to record the initial transaction on September 30 and the adjustment required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2.5 points Skipped a. Hockey Helpers paid $4,000 cash on September 30 to rent an arena for the months of October and November. b. Super Stage Shows received $16,000 on September 30 for season tickets that admit...
Prepare journal entries in general journal form
The following events take place:1.2.3.James Smith died and left 100 acres of undeveloped land to the city for a future park. He acquired the land at $100 an acre, but at the date of his death, the land was appraised at $7,200 an acre.The city authorized the transfer of $110,000 of general revenues and the issuance of $1,050,000 in general obligation bonds to construct improvements on the donated land. The bonds were sold at par.The improvements were completed at a...
Prepare journal entries to record the above transactions for Emerson Corporation. (If no entry is required...
Prepare journal entries to record the above transactions for Emerson Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) July 15 Declared a cash dividend payable to common stockholders of $165,000. Aug. 15 Date of record is August 15 for the cash dividend declared on July 15. Aug. 31 Paid the dividend declared on July 15. View transaction list Journal entry worksheet Record the declaration of a cash dividend payable...
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event,...
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Placed an order for office supplies costing $2,000. Supplier intends to deliver later in the month. Note: Enter debits before credits. Event General Journal Debit Credit a. Record entry Clear entry View general journal Rawico Communications operates fifteen radio stations throughout...
For each of the following Independent situations, prepare Journal entries to record the Initial transaction on...
For each of the following Independent situations, prepare Journal entries to record the Initial transaction on September 30 and the adjustment required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) a. Hockey Helpers paid $4,000 cash on September 30 to rent an arena for the months of October and November b. Super Stage Shows received $16.000 on September 30 for season tickets that admit patrons to a...
Required 1 Required 2 Required 3 Prepare general journal entries to record these transactions using the...
Required 1 Required 2 Required 3 Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Prepaid Insurance (108), Office Equipment (163); Drafting Equipment (164), Building (170), Land (172), Accounts Payable (201), Notes Payable (250); J. Aracel, Capital (301): J. Aracel, Withdrawals (302), Engineering Fees Earned (402), Wages Expense (601), Equipment Rental Expense (602): Advertising Expense (603), and Repairs Expense (604). Show less View transaction list Journal entry worksheet ..... 7 8 9...
Prepare journal entries to record the above transactions for Emerson Corporation. (If no entry is required...
Prepare journal entries to record the above transactions for Emerson Corporation. (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) July 15 Declared a cash dividend payable to common stockholders of $167,000. Aug. 15 Date of record is August 15 for the cash dividend declared on July 15. Aug. 31 Paid the dividend declared on July 15. Journal entry worksheet < 1 2 3 Record the declaration of a cash dividend...
Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No...
Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) The following are the transactions of Spotlighter, Inc., for the month of January. Borrowed $4,040 from a local bank on a note due in six months. Received $4,730 cash from investors and issued common stock to them. Purchased $1,200 in equipment, paying $300 cash and promising the rest on a note due in one year. Paid...
b) On November 25, Dizzy Controls Inc. exchanged 40,000 shares of its $1.25 par value common stock for a plot of land that the Company will eventually use as the site for an office building. The Company and the original land owner agreed that the common shares and the land had a total fair value of $270,000 on November 25. DEBIT ACCOUNT NAMES DATE CREDIT Supporting Computations Required:
Instructions a. Prepare in general journal form the entries to record the above transactions. b. Prepare the stockholders' equity section of the balance sheet at December 31, 2015. Use the format illustrated in Exhibit 12-6. Include a supporting schedule showing your computation of retained earnings at that date. Compute the maximum cash dividend per share that legally could be declared at December 31, 2015, without impairing the paid-in capital of Thompson Service. (Hint: The availability of retained earnings for dividends...
For each of the following independent situations, prepare journal entries to record the initial transaction on September 30 and the adjustment required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2.5 points Skipped a. Hockey Helpers paid $4,000 cash on September 30 to rent an arena for the months of October and November. b. Super Stage Shows received $16,000 on September 30 for season tickets that admit...
Prepare journal entries to record the above transactions for Emerson Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) July 15 Declared a cash dividend payable to common stockholders of $165,000. Aug. 15 Date of record is August 15 for the cash dividend declared on July 15. Aug. 31 Paid the dividend declared on July 15. View transaction list Journal entry worksheet Record the declaration of a cash dividend payable...
2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Placed an order for office supplies costing $2,000. Supplier intends to deliver later in the month. Note: Enter debits before credits. Event General Journal Debit Credit a. Record entry Clear entry View general journal Rawico Communications operates fifteen radio stations throughout...
For each of the following Independent situations, prepare Journal entries to record the Initial transaction on September 30 and the adjustment required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) a. Hockey Helpers paid $4,000 cash on September 30 to rent an arena for the months of October and November b. Super Stage Shows received $16.000 on September 30 for season tickets that admit patrons to a...
Required 1 Required 2 Required 3 Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Prepaid Insurance (108), Office Equipment (163); Drafting Equipment (164), Building (170), Land (172), Accounts Payable (201), Notes Payable (250); J. Aracel, Capital (301): J. Aracel, Withdrawals (302), Engineering Fees Earned (402), Wages Expense (601), Equipment Rental Expense (602): Advertising Expense (603), and Repairs Expense (604). Show less View transaction list Journal entry worksheet ..... 7 8 9...
Prepare journal entries to record the above transactions for Emerson Corporation. (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) July 15 Declared a cash dividend payable to common stockholders of $167,000. Aug. 15 Date of record is August 15 for the cash dividend declared on July 15. Aug. 31 Paid the dividend declared on July 15. Journal entry worksheet < 1 2 3 Record the declaration of a cash dividend...
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