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Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31...
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31.
[The following information applies to the questions displayed below.]Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31.Jan.15Purchased and paid for merchandise. The invoice amount was $26,500; assume a perpetual inventory system.Apr.1Borrowed $700,000 from Summit Bank for general use; signed a 10-month, 6% annual interest-bearing note for the money.June14Received a $15,000 customer deposit for services to be performed in the future.July15Performed $3,750 of the services paid for on June 14.Dec.12Received electric bill for $27,860....
The lolowing informetion applies to the questions displayed below Vigeland Company completed ne t...
The lolowing informetion applies to the questions displayed below Vigeland Company completed ne tollowing transacions during Year 1. Vigeland's tscal year ends on December 3t Jan 15 Purchased and paid for merchandise. The involice amount was $15100, assume a perpetual inventory system Apr 1 Borrowed $868,000 from Summit Bank for general use; signed a 10-month, 14% annual interest-bearing note for the money. June14 Recelved a $19.000 customer deposit for services to be performed in the future July15 Pertormed 33150 or...
Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31....
Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. Jan. 15 Purchased and paid for merchandise. The invoice amount was $14,900; assume a perpetual inventory system. Apr. 1 Borrowed $896,000 from Summit Bank for general use; signed a 10-month, 6% annual interest-bearing note for the money. June 14 Received a $22,000 customer deposit for services to be performed in the future. July 15 Performed $4,350 of the services paid for on June 14....
Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr 30...
Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr 30 Received $600,000 from Commerce Bank after signing a twelve-month, 6 percent, promissory note June 6 Purchased merchandise on account at a cost of $75,000 (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase Aug. 31 Signed a contract to provide security services to a small apartment complex and collected six months' fees in advance, amounting to $24,000 (Use an account...
A company has a fiscal year-end of December 31 (1) on October 1, $20,000 was paid...
A company has a fiscal year-end of December 31 (1) on October 1, $20,000 was paid for a one-year fire insurance policy. (2) on June 30 the company advanced its chief financial officer $18.000 principal and interest at 8% on the note are due in one year, and (3) equipment costing $68,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $13,600 per year Prepare the necessary adjusting entries at December 31 for each...
Lakeview Company completed the following two transactions. The annual accounting period ends December 31 a. On...
Lakeview Company completed the following two transactions. The annual accounting period ends December 31 a. On December 31, calculated the payroll, which indicates gross earnings for wages ($68,000), payroll deductions for income tax ($6.800), payroll deductions for FICA ($5,100), payroll deductions for American Cancer Society ($2,550). employer contributions for FICA (matching, and state and federal unemployment taxes ($595). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not...
A company has a fiscal year-end of December 31: (1) on October 1, $15,000 was paid...
A company has a fiscal year-end of December 31: (1) on October 1, $15,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $13,000; principal and interest at 7% on the note are due in one year; and (3) equipment costing $63,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $12,600 per year. Prepare the necessary adjusting entries at December 31 for each...
Diane Company completed its first year of operations on December 31. All of the year's entries...
Diane Company completed its first year of operations on December 31. All of the year's entries have been recorded except for the following: a. At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year. b. At year-end, the company had earned interest revenue of $1,500. The cash will be collected March 1 of the next year. Required: 2. Prepare the required adjusting entry for transactions (a) and (b). (if...
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on...
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.8 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $1.5 willion with Parish Bank under the line of credit agreement. Interest at the prime rate of 6% was...
Buzzard Bicycle specializes in custom painting and design of bicycles. December 31 is the company's fiscal...
Buzzard Bicycle specializes in custom painting and design of bicycles. December 31 is the company's fiscal year-end. Information necessary to prepare the year-end adjusting entries appears below. 5 points Skipood 1. A three-year fire insurance policy was purchased on July 1, 2021, for $22,500. The company debited Prepaid Insurance for the entire amount. 2. Employee salaries of $28,000 for the month of December will be paid in early January 3. On November 1, 2021, the company received $10,500 in cash...
The lolowing informetion applies to the questions displayed below Vigeland Company completed ne tollowing transacions during Year 1. Vigeland's tscal year ends on December 3t Jan 15 Purchased and paid for merchandise. The involice amount was $15100, assume a perpetual inventory system Apr 1 Borrowed $868,000 from Summit Bank for general use; signed a 10-month, 14% annual interest-bearing note for the money. June14 Recelved a $19.000 customer deposit for services to be performed in the future July15 Pertormed 33150 or...
Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr 30 Received $600,000 from Commerce Bank after signing a twelve-month, 6 percent, promissory note June 6 Purchased merchandise on account at a cost of $75,000 (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase Aug. 31 Signed a contract to provide security services to a small apartment complex and collected six months' fees in advance, amounting to $24,000 (Use an account...
A company has a fiscal year-end of December 31 (1) on October 1, $20,000 was paid for a one-year fire insurance policy. (2) on June 30 the company advanced its chief financial officer $18.000 principal and interest at 8% on the note are due in one year, and (3) equipment costing $68,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $13,600 per year Prepare the necessary adjusting entries at December 31 for each...
Lakeview Company completed the following two transactions. The annual accounting period ends December 31 a. On December 31, calculated the payroll, which indicates gross earnings for wages ($68,000), payroll deductions for income tax ($6.800), payroll deductions for FICA ($5,100), payroll deductions for American Cancer Society ($2,550). employer contributions for FICA (matching, and state and federal unemployment taxes ($595). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not...
A company has a fiscal year-end of December 31: (1) on October 1, $15,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $13,000; principal and interest at 7% on the note are due in one year; and (3) equipment costing $63,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $12,600 per year. Prepare the necessary adjusting entries at December 31 for each...
Diane Company completed its first year of operations on December 31. All of the year's entries have been recorded except for the following: a. At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year. b. At year-end, the company had earned interest revenue of $1,500. The cash will be collected March 1 of the next year. Required: 2. Prepare the required adjusting entry for transactions (a) and (b). (if...
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.8 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $1.5 willion with Parish Bank under the line of credit agreement. Interest at the prime rate of 6% was...
Buzzard Bicycle specializes in custom painting and design of bicycles. December 31 is the company's fiscal year-end. Information necessary to prepare the year-end adjusting entries appears below. 5 points Skipood 1. A three-year fire insurance policy was purchased on July 1, 2021, for $22,500. The company debited Prepaid Insurance for the entire amount. 2. Employee salaries of $28,000 for the month of December will be paid in early January 3. On November 1, 2021, the company received $10,500 in cash...
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