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A company records inventory purchases at standard cost and also records purchase price variances. Required: Prepare...
The payroll register of Seaside Architecture Company indicates $920 of social security and $256 of Medicare...
The payroll register of Seaside Architecture Company indicates $920 of social security and $256 of Medicare tax withheld on total salaries of $15,000 for the period. Federal withholding for the period totaled $3,260. Required: Prepare the journal entry for the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles. Prepare the journal entry for the period’s payroll on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL...
Sweeties, Inc., manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and...
Sweeties, Inc., manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $360,000, $147,000, and $96,400, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $32,000, and work in process at the end of the period totaled $28,200. Required: a. (1) On September 30, journalize the entry to record...
On June 30 (the end of the period), Brown Company has a credit balance of $2,100 in Allowance for...
On June 30 (the end of the period), Brown Company has a credit balance of $2,100 in Allowance for Doubtful Accounts. An evaluation of accounts receivable indicates that the proper balance should be $31,265. Required: Journalize the appropriate adjusting entry. Refer to the Chart of Accounts for exact wording of account titles. Journalize the appropriate adjusting entry on June 30. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST....
(2) Willow Creek Company purchased and installed carpet in its new general offices on April 30...
(2) Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $36,288. The carpet is estimated to have a 16-year useful life and no residual value. A. Prepare the journal entry necessary for recording the purchase of the new carpet. Refer to the Chart of Accounts for exact wording of account titles. B. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow...
Bennett Enterprises issues a $600,000, 45-day, 4% note to Spectrum Industries for merchandise inventory. Required: A....
Bennett Enterprises issues a $600,000, 45-day, 4% note to Spectrum Industries for merchandise inventory. Required: A. Journalize Bennett Enterprises' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the note at maturity. Assume a 360-day year. B. Journalize Spectrum Industries' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the receipt of the note. 2....
On May 7, Bergan Company purchased on account 60,500 units of raw materials at $13.00 per...
On May 7, Bergan Company purchased on account 60,500 units of raw materials at $13.00 per unit. During May, raw materials were requisitioned for production as follows: 26,600 units for Job 200 at $9.00 per unit and 26,800 units for Job 305 at $13.00 per unit. Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom. Refer to the Chart of Accounts for exact wording of account titles....
Calculator Instruction Chart Of Accounts General Journal Instruction On April 2 a corporation purchased for cash...
Calculator Instruction Chart Of Accounts General Journal Instruction On April 2 a corporation purchased for cash 7,000 shares of its own $11 par common stock at $27 a share. It sold 4,000 of the treasury shares at $30 a share on June 10. The remaining 3,000 shares were sold on November 10 for $23 a share. Required: (a) Journalize the entries to record the purchase (treasury stock is recorded at cost). (b) Joumalize the entries to record the sale of...
Capital expenditure and depreciation Instructions Willow Creek Company purchased and installed carpet in its new general...
Capital expenditure and depreciation Instructions Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $27,504. The carpet is estimated to have a 12-year useful life and no residual value. A. Prepare the journal entry necessary for recording the purchase of the new carpet. Refer to the Chart of Accounts for exact wording of account titles. B. Record the December 31 adjusting entry for the partial-year depreciation expense for the...
Instructions (a) (b) Issued 1,000 shares of $15 par common stock at $54 for cash. Issued...
Instructions (a) (b) Issued 1,000 shares of $15 par common stock at $54 for cash. Issued 1,400 shares of no-par common stock in exchange for equipment with a fair market price of $24,000. (c) Purchased 100 shares of treasury stock at $26 (d) Sold 100 shares of treasury stock purchased in (c) at $29. Required Prepare entries to record the above transactions. Refer to the Chart of Accounts for exact wording of account titles Journalize the entry for each transaction...
Can I get some help on this? Instructions Sweeties, Inc., manufactures a sugar product by a...
Can I get some help on this?
Instructions Sweeties, Inc., manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $371,000, $142,000, and $98,400, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29, 200, and work in process at the end of the period totaled $28,400. Required: a....
Bennett Enterprises issues a $600,000, 45-day, 4% note to Spectrum Industries for merchandise inventory. Required: A. Journalize Bennett Enterprises' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note. 2. the payment of the note at maturity. Assume a 360-day year. B. Journalize Spectrum Industries' entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the receipt of the note. 2....
Calculator Instruction Chart Of Accounts General Journal Instruction On April 2 a corporation purchased for cash 7,000 shares of its own $11 par common stock at $27 a share. It sold 4,000 of the treasury shares at $30 a share on June 10. The remaining 3,000 shares were sold on November 10 for $23 a share. Required: (a) Journalize the entries to record the purchase (treasury stock is recorded at cost). (b) Joumalize the entries to record the sale of...
Instructions (a) (b) Issued 1,000 shares of $15 par common stock at $54 for cash. Issued 1,400 shares of no-par common stock in exchange for equipment with a fair market price of $24,000. (c) Purchased 100 shares of treasury stock at $26 (d) Sold 100 shares of treasury stock purchased in (c) at $29. Required Prepare entries to record the above transactions. Refer to the Chart of Accounts for exact wording of account titles Journalize the entry for each transaction...
Can I get some help on this?
Instructions Sweeties, Inc., manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $371,000, $142,000, and $98,400, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29, 200, and work in process at the end of the period totaled $28,400. Required: a....
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