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Logan, Inc., repaired a piece of equipment at a cost of $3,000, which Logan, Inc, paid...
met Foley, Ino, pred a piece of equipment at a cost of $5,000, which Foley, Ino,...
met Foley, Ino, pred a piece of equipment at a cost of $5,000, which Foley, Ino, padina Foley, Inc. arroneously cited is as part of the cost of the Requirements 1 Joumature both the corned by the courant made to record this transaction and the corrent that the content should have made 2 How will this accounting more Foley, Inc.'s net income? Ignore depreciation acord debit first, the credits Exclude explanations from any journal Requirement 1. Journal both the incorrect...
On July 5, Brenner Company recorded sales of merchandise inventory on account, $65,000. The sales were...
On July 5, Brenner Company recorded sales of merchandise inventory on account, $65,000. The sales were subject to sales tax of 3%. On August 15, Brenner Company paid the sales tax owed to the state from the July 5 transaction. Requirements 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. 2. Journalize the transaction to record the payment of sales tax to the state on August 15. Requirement 1. Journalize the transaction to...
On October 31, 2018, Choice Landscapes discarded equipment that had a cost of $29,600. Accumulated Depreciation...
On October 31, 2018, Choice Landscapes discarded equipment that had a cost of $29,600. Accumulated Depreciation as of December 31, 2017, was $29,000. Assume annual depreciation on the equipment is $600. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Oct. 31 Choose from any list or enter any number in...
On October 31, 2018, Choice Landscapes discarded equipment that had a cost of $29,600. Accumulated Depreciation...
On October 31, 2018, Choice Landscapes discarded equipment that had a cost of $29,600. Accumulated Depreciation as of December 31, 2017, was $29,000. Assume annual depreciation on the equipment is $600. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Oct. 31 Choose from any list or enter any number in...
Jul. 1 Yang contributed $70,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment,...
Jul. 1 Yang contributed $70,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $590. 9 Paid $19,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,500. 19 Borrowed $21,000 from the bank for business use. 22 Paid $900 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $260. 31 Revenues earned during the month included $6,800...
100, and Allowance for Bad Debts had a credit balance of $3,000. During the y company...
100, and Allowance for Bad Debts had a credit balance of $3,000. During the y company uses the allowance method. (Record debits first, then credits. Select th Soods Sold. (Prepare a single compound journal entry.) * More Info a. Sales of $180,000 ($156,000 on account; $24,000 for cash). Ignore Cost of Goods Sold. b. Collections on account, $133,000. c. Write-offs of uncollectible receivables, $2,500. Print Print Done Done en click Check Answer. Clear All ble of $30,000, and Allowance for...
Happy Trails guarantees its snowmobiles for three years. Company experience indicates that warranty costs will be...
Happy Trails guarantees its snowmobiles for three years. Company experience indicates that warranty costs will be approximately 3% of sales. Assume that the Happy Trails dealer in Colorado Springs made sales totaling $500,000 during 2018. The company received cash for 10% of the sales and notes receivable for the remainder. Warranty payments totaled $12,000 during 2018. Read the requirements. Requirement 1. Record the sales, warranty expense, and warranty payments for the company. Ignore cost of goods sold. (Record debits first,...
Knowledge Check 01 On January 1 Truesdale, Inc., purchased a piece of machinery for use in...
Knowledge Check 01 On January 1 Truesdale, Inc., purchased a piece of machinery for use in operations. The total acquisition cost was $33,000. The machine has an estimated useful life of 3 years and a salvage value of $3,000. Using the stralght-line method, the amount of depreciation that should be recorded during year 1, is approximately Knowledge Check 01 On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of...
2. #3 #4 E10-16A (similar to) Question Help The charter for Zuma, Inc., authorizes the company...
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E10-16A (similar to) Question Help The charter for Zuma, Inc., authorizes the company to issue 450,000 shaços of $10, no-par preferred stock and 850,000 shares of common stock with $7 par value. During its start-up phase, Zuma, Inc. completed the following transaction (Click on the icon to view the transactions) Read the requirements. Requirement 1. Record the transactions in the joumal (Record debits first, then credits. Exclude explanations from any journal entries.) Apr 6: Issued 350 shares...
Question 9 Pharoah Inc. has negotiated the purchase of a new piece of automatic equipment at...
Question 9 Pharoah Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $10,720 plus trade-in, f.o.b. factory. Pharoah Inc. paid $10,720 cash and traded in used equipment. The used equipment had originally cost $83,080; it had a book value of $56,280 and a secondhand fair value of $64,052, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,474. Prepare the general...
met Foley, Ino, pred a piece of equipment at a cost of $5,000, which Foley, Ino, padina Foley, Inc. arroneously cited is as part of the cost of the Requirements 1 Joumature both the corned by the courant made to record this transaction and the corrent that the content should have made 2 How will this accounting more Foley, Inc.'s net income? Ignore depreciation acord debit first, the credits Exclude explanations from any journal Requirement 1. Journal both the incorrect...
On July 5, Brenner Company recorded sales of merchandise inventory on account, $65,000. The sales were subject to sales tax of 3%. On August 15, Brenner Company paid the sales tax owed to the state from the July 5 transaction. Requirements 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. 2. Journalize the transaction to record the payment of sales tax to the state on August 15. Requirement 1. Journalize the transaction to...
On October 31, 2018, Choice Landscapes discarded equipment that had a cost of $29,600. Accumulated Depreciation as of December 31, 2017, was $29,000. Assume annual depreciation on the equipment is $600. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Oct. 31 Choose from any list or enter any number in...
On October 31, 2018, Choice Landscapes discarded equipment that had a cost of $29,600. Accumulated Depreciation as of December 31, 2017, was $29,000. Assume annual depreciation on the equipment is $600. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Oct. 31 Choose from any list or enter any number in...
Jul. 1 Yang contributed $70,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $590. 9 Paid $19,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,500. 19 Borrowed $21,000 from the bank for business use. 22 Paid $900 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $260. 31 Revenues earned during the month included $6,800...
100, and Allowance for Bad Debts had a credit balance of $3,000. During the y company uses the allowance method. (Record debits first, then credits. Select th Soods Sold. (Prepare a single compound journal entry.) * More Info a. Sales of $180,000 ($156,000 on account; $24,000 for cash). Ignore Cost of Goods Sold. b. Collections on account, $133,000. c. Write-offs of uncollectible receivables, $2,500. Print Print Done Done en click Check Answer. Clear All ble of $30,000, and Allowance for...
Happy Trails guarantees its snowmobiles for three years. Company experience indicates that warranty costs will be approximately 3% of sales. Assume that the Happy Trails dealer in Colorado Springs made sales totaling $500,000 during 2018. The company received cash for 10% of the sales and notes receivable for the remainder. Warranty payments totaled $12,000 during 2018. Read the requirements. Requirement 1. Record the sales, warranty expense, and warranty payments for the company. Ignore cost of goods sold. (Record debits first,...
Knowledge Check 01 On January 1 Truesdale, Inc., purchased a piece of machinery for use in operations. The total acquisition cost was $33,000. The machine has an estimated useful life of 3 years and a salvage value of $3,000. Using the stralght-line method, the amount of depreciation that should be recorded during year 1, is approximately Knowledge Check 01 On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of...
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#3
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E10-16A (similar to) Question Help The charter for Zuma, Inc., authorizes the company to issue 450,000 shaços of $10, no-par preferred stock and 850,000 shares of common stock with $7 par value. During its start-up phase, Zuma, Inc. completed the following transaction (Click on the icon to view the transactions) Read the requirements. Requirement 1. Record the transactions in the joumal (Record debits first, then credits. Exclude explanations from any journal entries.) Apr 6: Issued 350 shares...
Question 9 Pharoah Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $10,720 plus trade-in, f.o.b. factory. Pharoah Inc. paid $10,720 cash and traded in used equipment. The used equipment had originally cost $83,080; it had a book value of $56,280 and a secondhand fair value of $64,052, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,474. Prepare the general...
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