Links Ltd. has been in business for several years and has the following information for its operations which ended December 31, 2020. Prepare a summary journal entry for the credit sales and journal entries to record the above transactions on the books of
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Links Ltd. has been in business for several years and has the following information for its operations which ended December 31, 2020. Prepare a summary journal entry for the credit sales and journal entries to record the above transactions on the books of
Prepare summary journal entries to record the following transactions for a company in its first month of operations.
Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $114,000. b. Direct materials used in production, $45,500. Indirect materials used in production, $20,400 c. Paid cash for factory payroll, $50,000. Of this total, $37,000 is for direct labor and $13,000 is for indirect labor. d. Paid cash for other actual overhead costs, $9,125. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed...
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 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...
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Prepare journal entries to record the following sales transactions in Cullumber Company's books, Cullumber uses a perpetual inventory system and the contract-based approach to revenue recognition. Cullumber has a stated policy that all sales are final, no returns or exchanges. June 16 Cullumber sold $ 16,900 of merchandise to Guiying Company, terms 2/10, 1/30, FOB destination. The cost of the merchandise sold was $8,619. 17 The correct company paid freight costs of $279. 26 Cullumber received the balance due from Guiying.
Prepare general journal entries to record these transactions. 3) Prepare general journal entries on December 31 to recor...
Prepare general journal entries to record these transactions. 3) Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on equipment for the year, $4,500. b. The Prepaid Insurance account has a $3,680 debit balance before adjustment. An examination of insurance policies shows $600 of insurance expired. c. The Prepaid Insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $950 of unexpired insurance. d. The company has...
Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles...
Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Cash Bonds Payable
(BE5.3 (LO 3) Prepare the journal entries to record the following transactions on Benson Ltd.'s books...
(BE5.3 (LO 3) Prepare the journal entries to record the following transactions on Benson Ltd.'s books using a perpetual inventory system. a. On March 2, Benson sold £800,000 of merchandise on account to Edgebrook Company, terms 2/10 n/30. The cost of the merchandise sold was £620,000. s.
Prepare journal entries for the month of April to record the above transactions Required information [The...
Prepare journal entries for the month of April to record the above
transactions
Required information [The following information applies to the questions displayed below. Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $22,000; factory rent, $33,000; factory utilities, $23,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of direct...
Prepare the journal entries to record the following sales transactions on Sarasota Corp.’s books, assuming a...
Prepare the journal entries to record the following sales transactions on Sarasota Corp.’s books, assuming a periodic inventory system is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 125.) Jan. 2 Sarasota sold $48,300 of goods to Xtra Inc., terms 2/10, n/45, FOB destination. The cost of...
Prepare summary Journal entries to record the following transactions for a company in its first month...
Prepare summary Journal entries to record the following transactions for a company in its first month of operations 00:52:15 a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37.000. Indirect materials used in production, $12,000 c. Pald cash for factory payroll, $35.000. Or this total, $25,000 is for direct labor and $10,000 is for indirect labor d. Pald cash for other actual overhead costs, $7.000. e. Applied overhead at the rate of 120% of direct labor...
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 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...
Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Cash Bonds Payable
(BE5.3 (LO 3) Prepare the journal entries to record the following transactions on Benson Ltd.'s books using a perpetual inventory system. a. On March 2, Benson sold £800,000 of merchandise on account to Edgebrook Company, terms 2/10 n/30. The cost of the merchandise sold was £620,000. s.
Prepare journal entries for the month of April to record the above
transactions
Required information [The following information applies to the questions displayed below. Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $22,000; factory rent, $33,000; factory utilities, $23,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of direct...
Prepare summary Journal entries to record the following transactions for a company in its first month of operations 00:52:15 a. Raw materials purchased on account, $80,000. b. Direct materials used in production, $37.000. Indirect materials used in production, $12,000 c. Pald cash for factory payroll, $35.000. Or this total, $25,000 is for direct labor and $10,000 is for indirect labor d. Pald cash for other actual overhead costs, $7.000. e. Applied overhead at the rate of 120% of direct labor...
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