Date | General Journal | Debit | Credit | |
January 02 | Equipment -machine | $101,000 | ||
To Common stock | $1,400 | (1400*$1) | ||
To Paid up in excess of Common stock | $3,500 | (1400*$2.5) | ||
To Notes payable | $53,000 | |||
To Accounts payable | $43,100 | |||
(Being the purchase of equipment recorded) |
Date | General Journal | Debit | Credit |
January 03 | Equipment -machine | $2,300 | |
To Cash | $2,300 | ||
(Being the installation cost recorded) |
Date | General Journal | Debit | Credit |
January 12 | Accounts payable | $43,100 | |
To Cash | $43,100 | ||
(Being the balance of equipment cost paid for purchase of equipment on January 02) |
Date | Assets | = | Liabilities | + | Shareholder's equity | |||
January 02 | Equipment -machine | $101,000 | Notes payable | $53,000 | Common stock | $1,400 | ||
Accounts payable | $43,100 | Paid up in excess of Common stock | $3,500 | |||||
$101,000 | = | $96,100 | + | $4,900 | ||||
January 03 | Equipment -machine Installation | $2,300 | ||||||
Cash paid for Installation | ($2,300) | |||||||
$101,000 | = | $96,100 | + | $4,900 | ||||
January 12 | Cash paid to Accounts payable | ($43,100) | ($43,100) | |||||
$57,900 | = | $53,000 | + | $4,900 |
On January 2, Summers Company received a machine that the company had ordered with an invoice...
[The following information applies to the questions displayed below.] On January 2, 2015, Summers Company bought a machine for use in operations. The machine has an estimated useful life of eight years and an estimated residual value of $4,400. The company provided the following expenditures: a. Invoice price of the machine, $103,000. b. Freight paid by the vendor per sales agreement, $2,900. c. Installation costs, $3,100 paid in cash. d. Payment was made as follows: On January 2: • The...
Vita Water purchased a used machine for $117,500 on January 2, 2020. It was repaired the next day at a cost of $5,250 and installed on a new platform that cost $1,650. The company predicted that the machine would be used for six years and would then have a $14,720 residual value. Depreciation was to be charged on a straight-line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2020. On September 30, 2025,...
Vita Water purchased a used machine for $122,300 on January 2, 2020. It was repaired the next day at a cost of $10,038 and installed on a new platform that cost $1.662. The company predicted that the machine would be used for six years and would then have a $24.320 residual value. Depreciation was to be charged on a straight line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2020. On September 30,...
Journal entry worksheet Record the $2,100 rent paid for 3 months on January 1. Note: Enter debits before credits. General Journal Debit Credit Date Jan 31 . Record entry Clear entry Journal entry worksheet Record the revenue for 8 voice lessons that the company has provided. The company would receive $600 from customers for 10 voice lessons ($60 per lesson) Note: Enter debits before credits. Date General Journal Debit Credit Jan 31 Record entry Clear entry View general jou Record...
Vita Water purchased a used machine for $117,500 on January 2, 2020. It was repaired the next day at a cost of $5,250 and installed on a new platform that cost $1,650. The company predicted that the machine would be used for six years and would then have a $14,720 residual value. Depreciation was to be charged on a straight-line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2020. On September 30, 2025,...
Onslow Co. purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine and an additional $1,200 to secure it in place. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Answer in this format please Record the purchase of a used machine for...
[The following information applies to the questions displayed below. Onslow Co. purchases a used machine for $240,000 cash on January 2 and readies it for use the next day at a $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations, The company predicts the machine will be used for six years and have a $28,800 salvage value. Depreciation is to be charged on a straight-line basis. On...
Sunshine Health established a $130 petty cash fund on January 1. From January 2 through 10, payments were made from the fund, as listed below. On January 12, the fund had only $16 remaining; a cheque was written to replenish the fund. January 2—Paid cash for deliveries to customers—$29 January 7—Paid cash for taxi fare incurred by office manager—$62 January 10—Paid cash for pens and other office supplies—$23 Required: Prepare the journal entries, if any, required for January. (If no...
On January 2, 2020. Direct Shoes Inc. disposed of a machine that cost $94,000 and had been depreciated $50,250. Present the journal entries to record the disposal under each of the following unrelated assumptions: a. The machine was sold for $42,500 cash. View transaction list Journal entry worksheet Record the sale of machine. Note: Enter debits before credits. General Journal Debit Credit Date January 02, 2020 Record entry Clear entry View general journal b. The machine was traded in on...
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: ...