On 1/1/15 the ABC Company purchased a car for $10,000. They paid $2,000 cash and paid...
On 1/1/15 the ABC Company purchased a car for $10,000. They paid $2,000 cash and paid the remainder on account. Prepare the journal entry.
Homework Answers
Journal entry
Car ac ................................Dr 10000
to Cash .................................................Cr 2000
to creditor ..............................................Cr. 8000
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On 1/1/15 the ABC Company purchased a car for $10,000. They paid
$2,000 cash and paid...
1. ABC COMPANY PURCHASED $500,000 BONDS IN XYZ COMPANY 2. ABC COMPANY PURCHASED $500,000 STOCK IN...
1. ABC COMPANY PURCHASED $500,000 BONDS IN XYZ COMPANY 2. ABC COMPANY PURCHASED $500,000 STOCK IN XYZ COMPANY 3. ABC COMPANY PURCHASED 5,000 SHARES OF ITS OWN COMMON STOCK FOR ITS TREASURY. THE PAR VALUE IS $3/SH AND THE SELLING PRICE IS $100/SH BASED ON 3. ABOVE, ABC COMPANY SOLD 1,000 SHARES OF ITS TREASURY STOCK FOR $102/SH 5. ABC COMPANY ISSUED 10,000 SHARES OF ITS COMMON STOCK FOR CASH. PV IS $3/SH AND THE SELLING PRICE IS $99/SH 6....
Following are the transactions for Valdez Services. a. The company paid $2,000 cash for payment on...
Following are the transactions for Valdez Services.a. The company paid $2,000 cash for payment on a 6 -month-old account payable for office supplies.b. The company paid $1,200 cash for the just completed two-week salary of the receptionist.c. The company paid $39,000 cash for equipment purchased.d. The company paid $800 cash for this month's utilities.e. Owner (B. Valdez) withdrew $4,500 cash from the company for personal use.1. Prepare general journal entries for the above transactions of Valdez Services.
DIRECT CASH FLOW Homework 1. Invested $200,000 to start JHJ rental car company 2. Paid cash...
DIRECT CASH FLOW Homework 1. Invested $200,000 to start JHJ rental car company 2. Paid cash of $10,000 for supplies 3. Paid cash of $24,000 for two-year insurance policy 4. Purchased equipment on account in the amount of $10,000 5. Purchased $15,000 in supplies on account 6. Purchased ten autos for $30,000 each paying $50,000 down and signed a long-term note for the balance 7. Received cash car rental revenue $400,000 8. Paid office salaries of $80,000 9. Car rental...
1. Purchased a 1-year insurance policy, paid $2,000. 2. Billed a customer for a $2,100 job....
1. Purchased a 1-year insurance policy, paid $2,000. 2. Billed a customer for a $2,100 job. 3. Received $4,800 to start an eight-month job,(each month is the same amount) beginning next month. 4. Bought a computer on credit for $3,600. 5. Deposited cash of $3,400 to a business checking account. 6. Received a gas bill, $300. 7. Paid $400 for van repairs. 8. Purchased supplies for $400 in cash. 9. Withdrew $3,600 to his personal checking account. 10. Received $1,150...
STUDY PROBLEM 1-12 Group A FINANCIAL TRANSACTIONS Invested $200,000 to start JHJ rental car company Paid...
STUDY PROBLEM 1-12 Group A FINANCIAL TRANSACTIONS Invested $200,000 to start JHJ rental car company Paid cash of $10,000 for supplies Paid cash of $24,000 for two year insurance policy Purchased equipment on account in the amount of $10,000 Purchased $15,000 in supplies on account Paid advertising expense of $10,000 Purchased ten autos for $30,000 each paying $50,000 down and signed a note for the balance Received cash car rental revenue $400,000 Paid office salaries of $80,000 Paid rent expense...
Harwell Company manufactures automobile tires. On July 15, 2018, the company sold 2,000 tires to the...
Harwell Company manufactures automobile tires. On July 15, 2018, the company sold 2,000 tires to the Nixon Car Company for $80 each. The terms of the sale were 2/10,n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 ignore cost of goods) and payment on July 23, 2018, 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment...
1. Paid $400 cash for advertisements run this past week. Account: Account: 2. Purchased supplies costing...
1.
Paid $400 cash for advertisements run this past week.
Account:
Account:
2.
Purchased supplies costing $2,000 on account.
Account:
Account:
3.
Paid wages to employees in cash, $2,500.
Account:
Account:
4.
Received cash of $7,000 from customers for services
rendered.
Account:
Account:
5.
The owner invested $25,000 cash in the business in exchange for
ownership interest.
Account:
Account:
6.
For this transaction, please list the all debits before any
credits, and when multiple debits, or credits, are
required, please...
The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock...
The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock to themm b. Borrowed $7,000 cash from a bank and signed a note due later this year. c. Bought and received $800 of equipment on account. d. Purchased land for $12,000; paid $1,000 in cash and signed a long-term note for $11,000 e. Purchased $3,000 of equipment; paid $1,000 in cash and charged the rest on account. Required For each of the events in...
Check my work On January 1, 2018, Byner Company purchased a used tractor. Byner paid $2,000...
Check my work On January 1, 2018, Byner Company purchased a used tractor. Byner paid $2,000 down and signed a noninterest-bearing note requiring $29,000 to be paid on December 31, 2020. The fair value of the tactor is not determinable. An interest rate of 10% popery reflects the time value of money for this type of loan agreement. The company's fiscal year-end is December 31. (EV of $1. PV of $1 FVA of $1. PVA of $1, EVAD of $1...
On July 15, 2018, the Nixon Car Company purchased 3,000 tires from the Harwell Company for...
On July 15, 2018, the Nixon Car Company purchased 3,000 tires
from the Harwell Company for $30 each. The terms of the sale were
2/10, n/30. Nixon uses a periodic inventory system and the
net method of accounting for purchase discounts.
Required:
1. Prepare the journal entries to record the
purchase on July 15 and payment on July 23, 2018.
2. Prepare the journal entry to record the payment
on August 15, 2018.
3. If Nixon instead uses a perpetual...
1. ABC COMPANY PURCHASED $500,000 BONDS IN XYZ COMPANY 2. ABC COMPANY PURCHASED $500,000 STOCK IN XYZ COMPANY 3. ABC COMPANY PURCHASED 5,000 SHARES OF ITS OWN COMMON STOCK FOR ITS TREASURY. THE PAR VALUE IS $3/SH AND THE SELLING PRICE IS $100/SH BASED ON 3. ABOVE, ABC COMPANY SOLD 1,000 SHARES OF ITS TREASURY STOCK FOR $102/SH 5. ABC COMPANY ISSUED 10,000 SHARES OF ITS COMMON STOCK FOR CASH. PV IS $3/SH AND THE SELLING PRICE IS $99/SH 6....
Following are the transactions for Valdez Services.a. The company paid $2,000 cash for payment on a 6 -month-old account payable for office supplies.b. The company paid $1,200 cash for the just completed two-week salary of the receptionist.c. The company paid $39,000 cash for equipment purchased.d. The company paid $800 cash for this month's utilities.e. Owner (B. Valdez) withdrew $4,500 cash from the company for personal use.1. Prepare general journal entries for the above transactions of Valdez Services.
Harwell Company manufactures automobile tires. On July 15, 2018, the company sold 2,000 tires to the Nixon Car Company for $80 each. The terms of the sale were 2/10,n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 ignore cost of goods) and payment on July 23, 2018, 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment...
1.
Paid $400 cash for advertisements run this past week.
Account:
Account:
2.
Purchased supplies costing $2,000 on account.
Account:
Account:
3.
Paid wages to employees in cash, $2,500.
Account:
Account:
4.
Received cash of $7,000 from customers for services
rendered.
Account:
Account:
5.
The owner invested $25,000 cash in the business in exchange for
ownership interest.
Account:
Account:
6.
For this transaction, please list the all debits before any
credits, and when multiple debits, or credits, are
required, please...
The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock to themm b. Borrowed $7,000 cash from a bank and signed a note due later this year. c. Bought and received $800 of equipment on account. d. Purchased land for $12,000; paid $1,000 in cash and signed a long-term note for $11,000 e. Purchased $3,000 of equipment; paid $1,000 in cash and charged the rest on account. Required For each of the events in...
Check my work On January 1, 2018, Byner Company purchased a used tractor. Byner paid $2,000 down and signed a noninterest-bearing note requiring $29,000 to be paid on December 31, 2020. The fair value of the tactor is not determinable. An interest rate of 10% popery reflects the time value of money for this type of loan agreement. The company's fiscal year-end is December 31. (EV of $1. PV of $1 FVA of $1. PVA of $1, EVAD of $1...
On July 15, 2018, the Nixon Car Company purchased 3,000 tires
from the Harwell Company for $30 each. The terms of the sale were
2/10, n/30. Nixon uses a periodic inventory system and the
net method of accounting for purchase discounts.
Required:
1. Prepare the journal entries to record the
purchase on July 15 and payment on July 23, 2018.
2. Prepare the journal entry to record the payment
on August 15, 2018.
3. If Nixon instead uses a perpetual...
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