How is this entered on a General Journal: i.e. Credits-Debits? Acme Inc. recognizes that $1,250 in...
How is this entered on a General Journal: i.e. Credits-Debits?
- Acme Inc. recognizes that $1,250 in inventory has been damaged and is now worth only $475.
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How is this entered on a General
Journal: i.e. Credits-Debits?
Acme Inc. recognizes that $1,250 in...
Requirement 3. Record the transactions in the general journal. (Record debits first, then credits. Select the...
Requirement 3. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Oct.Oct. 1: Purchased lamps on account from TetonTeton Lights, terms n/30, FOB destination: 5,500 desk lamps at $11 each, 9,500 table lamps at $23 each, and 4,000 floor lamps at $26 each. Date Accounts and Explanation Debit Credit Oct. 1 Merchandise Inventory Purchased inventory on account.
homework for only one choise 6. When making a general journal entry, debits should equal credits:...
homework for only one choise
6. When making a general journal entry, debits should equal credits: a) Always b) Never c) Sometimes d) Only when there is no gain or no loss 7. Sales discounts should be classified as: a) A liability b) An expense c) Contra-revenue d) Revenue 8. Which is not a cash activity listed on the cash flow statement? a) Operating activities b) Purchasing activities c) Investing activities d) Financing activities 9. A financial statement that reports...
Post the general journal entries from the journal to the corresponding general ledger accounts, paying particular attention to whether they’re debits or credits. Use the Post Ref. column to ensure t...
Post the general journal entries from the journal to the
corresponding general ledger accounts, paying particular attention
to whether they’re debits or credits. Use the Post Ref. column to
ensure that each line item of the journal entries is posted
correctly to each general ledger account. Posting from the journal
to the general ledger is simply rearranging the information.
J & LAccounting, Inc Post-Closing Trial Balance December 31, 2017 BALANCE DEBIT ACCOUNT TITLE CREDIT Cash, Business Checking Accounts Receivable Prepaid...
need help with the general journal. The unadjusted trial balance of Sketch Star Makers Inc., prepared as of Decemb...
need help with the general journal.
The unadjusted trial balance of Sketch Star Makers Inc., prepared as of December 31, 2018, Includes the following account balances. All of the accounts listed have normal balances. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Notes Payable (long-term) Deferred Revenue Service Revenue Salaries and Wages Expense $ 16,000 3,200 3,400 7,200 22,000 3,200 32,000 11,000 42,000 36,000 The following information is also available: A) A count of supplies revealed $1,600 worth on...
Dixon Development began operations in December 2018. When lots for industrial development are sold, Dixon recognizes...
Dixon Development began operations in December 2018. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale. For some lots, Dixon recognizes income for tax purposes when collected. Income recognized for financial reporting purposes in 2018 for lots sold this way was $13 million, which will be collected over the next three years. Scheduled collections for 2019-2021 are as follows: 2019 2020 $ 5 million 6 million 2 million $13...
General Journal entry options: No Journal Entry Required Accounts Payable Accounts Receivable Ac...
General Journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
Advertising Expense
Amortization Expense
Bad Debt Expense
Buildings
Cash
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Donation Revenue
Equipment
Franchise Rights
Goodwill
Income Tax Expense
Income Tax Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Legal Expense
Licensing Rights
Logo and Trademarks
Notes Payable (long-term)
Notes Payable (short-term)
Notes Receivable...
3) Record the December 31 adjusting entries for the following transactions and events in general journal...
3) Record the December 31 adjusting entries for the following transactions and events in general journal form. Assume that December 31 is the end of the annual accounting period a. The Prepaid Insurance account shows a debit balance of $2,340, representing the cost of a two-year fire insurance policy that was purchased on October 1 of the current year and has not been adjusted to date. Entry # Account Titles & explanationas Debits Credits 0 b. The Store Supplies account...
Savod Help Save & Exit Subm Pintime Industries Inc. entered into a business combination agreement with...
Savod Help Save & Exit Subm Pintime Industries Inc. entered into a business combination agreement with Sydrolized Chemical Corporation (SCC) to ensure an uninterrupted supply of key raw materials and to realize certain economies from combining the operating processes and the marketing efforts of the two companies Under the terms of the agreement, Pintime issued 180,300 shares of its $2 par common stock in exchange for all of SCC's assets and liabilities. The Pintime shares then were distributed to SCC's...
Need help with the general joirnal. Rogala Foods Inc. was formed in 2015 with the merger...
Need help with the general joirnal.
Rogala Foods Inc. was formed in 2015 with the merger of Grouch Mayer and Tashamo Corporation. The company reported the following rounded amounts for the year ended January 3, 2016 (all amounts in millions): Debits $1,110 Credits Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 29 18,200 Required: 1. Assume Rogala uses 3/4 of 1 percent of sales to estimate its Bad Debt Expense for the year. Prepare the adjusting...
On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Cash Credits Accumulated...
On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Cash Credits Accumulated Depreciation-Equipment Accounts Payable $1,620 Accounts Receivable Inventory (2,700 x $0.60) Equipment 3,280 $4,850 4,050 1.620 19,000 $29,520 Common Stock Retained Earnings 9.000 15,620 $29,520 The following transactions occurred during December. Dec. 3 Purchased 3.700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.80 per unit. (It sold 2,700 of the $0.60...
homework for only one choise
6. When making a general journal entry, debits should equal credits: a) Always b) Never c) Sometimes d) Only when there is no gain or no loss 7. Sales discounts should be classified as: a) A liability b) An expense c) Contra-revenue d) Revenue 8. Which is not a cash activity listed on the cash flow statement? a) Operating activities b) Purchasing activities c) Investing activities d) Financing activities 9. A financial statement that reports...
Post the general journal entries from the journal to the
corresponding general ledger accounts, paying particular attention
to whether they’re debits or credits. Use the Post Ref. column to
ensure that each line item of the journal entries is posted
correctly to each general ledger account. Posting from the journal
to the general ledger is simply rearranging the information.
J & LAccounting, Inc Post-Closing Trial Balance December 31, 2017 BALANCE DEBIT ACCOUNT TITLE CREDIT Cash, Business Checking Accounts Receivable Prepaid...
need help with the general journal.
The unadjusted trial balance of Sketch Star Makers Inc., prepared as of December 31, 2018, Includes the following account balances. All of the accounts listed have normal balances. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Notes Payable (long-term) Deferred Revenue Service Revenue Salaries and Wages Expense $ 16,000 3,200 3,400 7,200 22,000 3,200 32,000 11,000 42,000 36,000 The following information is also available: A) A count of supplies revealed $1,600 worth on...
Dixon Development began operations in December 2018. When lots for industrial development are sold, Dixon recognizes income for financial reporting purposes in the year of the sale. For some lots, Dixon recognizes income for tax purposes when collected. Income recognized for financial reporting purposes in 2018 for lots sold this way was $13 million, which will be collected over the next three years. Scheduled collections for 2019-2021 are as follows: 2019 2020 $ 5 million 6 million 2 million $13...
General Journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
Advertising Expense
Amortization Expense
Bad Debt Expense
Buildings
Cash
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Donation Revenue
Equipment
Franchise Rights
Goodwill
Income Tax Expense
Income Tax Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Legal Expense
Licensing Rights
Logo and Trademarks
Notes Payable (long-term)
Notes Payable (short-term)
Notes Receivable...
3) Record the December 31 adjusting entries for the following transactions and events in general journal form. Assume that December 31 is the end of the annual accounting period a. The Prepaid Insurance account shows a debit balance of $2,340, representing the cost of a two-year fire insurance policy that was purchased on October 1 of the current year and has not been adjusted to date. Entry # Account Titles & explanationas Debits Credits 0 b. The Store Supplies account...
Savod Help Save & Exit Subm Pintime Industries Inc. entered into a business combination agreement with Sydrolized Chemical Corporation (SCC) to ensure an uninterrupted supply of key raw materials and to realize certain economies from combining the operating processes and the marketing efforts of the two companies Under the terms of the agreement, Pintime issued 180,300 shares of its $2 par common stock in exchange for all of SCC's assets and liabilities. The Pintime shares then were distributed to SCC's...
Need help with the general joirnal.
Rogala Foods Inc. was formed in 2015 with the merger of Grouch Mayer and Tashamo Corporation. The company reported the following rounded amounts for the year ended January 3, 2016 (all amounts in millions): Debits $1,110 Credits Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 29 18,200 Required: 1. Assume Rogala uses 3/4 of 1 percent of sales to estimate its Bad Debt Expense for the year. Prepare the adjusting...
On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Cash Credits Accumulated Depreciation-Equipment Accounts Payable $1,620 Accounts Receivable Inventory (2,700 x $0.60) Equipment 3,280 $4,850 4,050 1.620 19,000 $29,520 Common Stock Retained Earnings 9.000 15,620 $29,520 The following transactions occurred during December. Dec. 3 Purchased 3.700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.80 per unit. (It sold 2,700 of the $0.60...
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