![1. The purchase of equipment for cash] is reconded as a [debit to Equipment and a credit to Accounts Payables Common Stock &](http://img.homeworklib.com/questions/2ddb2320-0aa2-11ea-a3c6-1d917aa0eee4.png?x-oss-process=image/resize,w_560)
Homework Answers
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1. Equipment Dr. To Cash (Being Equipment purchased by cash payment.) Depreciation Dr. To Equipment (Being depreciation charged on Equipment.) |
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2. Cash Dr. To Customer (Being cash received from customer in advance) |
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3. Sales return Dr. To customer (Being goods returned by customer) Customer Dr. To cash (Being refund paid to customer for sales return) |
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4. Correct entry : Cash Dr. To capital Incorrect entry: Cash Dr. To sales Adjusted entry: Sales Dr. To Capital |
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please use journal entre to solve over and under as in the example in one of the pictures New Overs/Unders 1. Alph...
please exaplain your answers and write by using journal entries 18. Alpha purchased equipment on credit...
please exaplain your answers and write by using journal
entries
18. Alpha purchased equipment on credit but did not record it. No payments were made during the year and no AJE was recorded for the depreciation on the equipment. 19. Alpha failed to record an AJE for interest earned on a note receivable. The interest won't be received until next year. 20. Alpha received cash from a bank but erroneously recorded it as a cash sale instead of a loan...
Please what journal entries you would make and how assets, liabilities and net income are effected...
Please what journal entries you would make and how assets,
liabilities and net income are effected (understated, overstated,
no effect).
10. Alpha failed to record the return of inventory to the manufacturer for a credit (periodic inventory system). 11. Alpha purchased merchandise on credit with terms F.O.B. Destination. As of December 31, the merchandise had not yet been received by Alpha Alpha recorded the purchase and included that merchandise in ending inventory (periodic system). 12. Alpha should have recorded the...
what accounts will be understated and overstated? Please provide accounts used for this entry. repaid next...
what accounts will be understated and overstated?
Please provide accounts used for this entry.
repaid next year (ignore interest). 21. Alpha paid cash for one year of rent in the third month of the year but erroneously recorded it as cash paid to satisfy an account payable. Alpha also failed to record the required AJE for the rent used during the year. - -- maalinna dahit innline and credit to Cooh
Please provide journal entries for the accounts used and if accounts will will be understated, overstated...
Please provide journal entries for the accounts used and if
accounts will will be understated, overstated or no effect for
assets, liabilities and net income.
9. Alpha recorded the prepayment of one year of rent as a debit to rent expense and a credit to accounts payable. Alpha failed to record an AJE at the end of the year when there were still two months of rent remaining in the lease. 10. Alpha failed to record the return of inventory...
Please show what journal entries you would use and how assets, liabilities and net income are effected (understated,...
Please show what journal entries you would use and how assets,
liabilities and net income are effected (understated, overstated,
no effect). How is inventory taken into account?
$6,000 for 12 months of rent received from one of the tenants on October 1. 33. Alpha recorded a cash purchase of inventory (using the periodic inventory system) but erroneously recorded it as a debit to Supplies and a credit to Accounts Payable. The inventory was counted in ending inventory
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $17,100 Accumulated Depreciation-Equipment 4,256 Accounts Payable 1,634 Unearned Service Revenue 47,500 Salaries and Wages Payable $70,490 Common Stock Retained Earnings Credit $1,900 6,460 7,600 3,230 38,000 13,300 $70,490 During November, the following summary transactions were completed. Nov. 8 Paid $6,745 for salaries due employees, of which $3,515 is for...
------------------ What are the journal entries for these business transactions? 11 1) CORPORATION RECEIVED CASH AND...
------------------ What are the
journal entries for these business transactions?
11 1) CORPORATION RECEIVED CASH AND ISSUED COMMON STOCK IN THE 12 AMOUNT OF $500,000 14 2) CASH IN THE AMOUNT OF $40,000 WAS RECEIVED FOR SERVICES 15 THAT WILL BE PERFORMED IN FEBRUARY 173) RECORD ONE MONTH REVENUE EARNED FOR SERVICES 18 DEFERRED IN AN EARLIER MONTH 19 SEE EXISTING BALANCE IN THE T ACCOUNT) 21 4) SOLD WIDGETS ON ACCOUNT IN THE AMOUNT OF 22 $220,000. THE COST...
2. Assuming that the James Company uses a periodic inventory system, prepare journal entries for the above transactions...
2. Assuming that the James Company uses a
periodic inventory system, prepare journal entries for the above
transactions including the adjusting entry at the end of October to
record cost of goods sold. James considers purchase discounts lost
as part of interest expense. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
1. The company purchased merchandise on account for $47,500 on
October 12. Terms of the purchase were 1/10, n/30....
please exaplain your answers and write by using journal
entries
18. Alpha purchased equipment on credit but did not record it. No payments were made during the year and no AJE was recorded for the depreciation on the equipment. 19. Alpha failed to record an AJE for interest earned on a note receivable. The interest won't be received until next year. 20. Alpha received cash from a bank but erroneously recorded it as a cash sale instead of a loan...
Please what journal entries you would make and how assets,
liabilities and net income are effected (understated, overstated,
no effect).
10. Alpha failed to record the return of inventory to the manufacturer for a credit (periodic inventory system). 11. Alpha purchased merchandise on credit with terms F.O.B. Destination. As of December 31, the merchandise had not yet been received by Alpha Alpha recorded the purchase and included that merchandise in ending inventory (periodic system). 12. Alpha should have recorded the...
what accounts will be understated and overstated?
Please provide accounts used for this entry.
repaid next year (ignore interest). 21. Alpha paid cash for one year of rent in the third month of the year but erroneously recorded it as cash paid to satisfy an account payable. Alpha also failed to record the required AJE for the rent used during the year. - -- maalinna dahit innline and credit to Cooh
Please provide journal entries for the accounts used and if
accounts will will be understated, overstated or no effect for
assets, liabilities and net income.
9. Alpha recorded the prepayment of one year of rent as a debit to rent expense and a credit to accounts payable. Alpha failed to record an AJE at the end of the year when there were still two months of rent remaining in the lease. 10. Alpha failed to record the return of inventory...
Please show what journal entries you would use and how assets,
liabilities and net income are effected (understated, overstated,
no effect). How is inventory taken into account?
$6,000 for 12 months of rent received from one of the tenants on October 1. 33. Alpha recorded a cash purchase of inventory (using the periodic inventory system) but erroneously recorded it as a debit to Supplies and a credit to Accounts Payable. The inventory was counted in ending inventory
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 25 27 28 29...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $17,100 Accumulated Depreciation-Equipment 4,256 Accounts Payable 1,634 Unearned Service Revenue 47,500 Salaries and Wages Payable $70,490 Common Stock Retained Earnings Credit $1,900 6,460 7,600 3,230 38,000 13,300 $70,490 During November, the following summary transactions were completed. Nov. 8 Paid $6,745 for salaries due employees, of which $3,515 is for...
------------------ What are the
journal entries for these business transactions?
11 1) CORPORATION RECEIVED CASH AND ISSUED COMMON STOCK IN THE 12 AMOUNT OF $500,000 14 2) CASH IN THE AMOUNT OF $40,000 WAS RECEIVED FOR SERVICES 15 THAT WILL BE PERFORMED IN FEBRUARY 173) RECORD ONE MONTH REVENUE EARNED FOR SERVICES 18 DEFERRED IN AN EARLIER MONTH 19 SEE EXISTING BALANCE IN THE T ACCOUNT) 21 4) SOLD WIDGETS ON ACCOUNT IN THE AMOUNT OF 22 $220,000. THE COST...
2. Assuming that the James Company uses a
periodic inventory system, prepare journal entries for the above
transactions including the adjusting entry at the end of October to
record cost of goods sold. James considers purchase discounts lost
as part of interest expense. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
1. The company purchased merchandise on account for $47,500 on
October 12. Terms of the purchase were 1/10, n/30....
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