Homework Answers
Question 34:
d. Debit cash for $10,600 and credit accounts receivable for $10,600
Explanation: At the time of service in June, it must have recorded debiting accounts receivable and crediting service revenue. Now as the amount is received, the above entry is passed (i.e, answer).
Question 35:
d. $170,000
Explanation:
Total resources = borrowed debts + owner invested resources + stockholders' equity + management generated resources
900,000 = 240,000 + 490,000 + 0 + ?
So the management generated resources = 900000 - 240000 - 490000
= $170,000
Add Answer to:
QUESTION 34 During July the Methuen Corporation received $10,600 from customers serviced in June. Prepare the gener...
Question 3 Identifying Transactions and Preparing Journal Bengal Corporation was formed on July 1, 2017. Prepare...
Question 3 Identifying Transactions and Preparing Journal Bengal Corporation was formed on July 1, 2017. Prepare journal entries for the following events If an event is not a transaction write "no transaction. Use the following accounts • Accounts Payable • Accounts Receivable • Cash • Common Stock • Equipment • Land • Notes Payable (long-term) Notes Payable (short-term) • Supplies a) Received $70,000 cash invested by owners and issued common stock b) A lumber supplier delivered lumber supplies to Bengal...
. me following transactions occurred during the fiscal year ended June 30, 20X3: Received a gift...
. me following transactions occurred during the fiscal year ended June 30, 20X3: Received a gift of $100,000 on July 7, 20X2, from an alumnus who stipulated that half the gift be restricted to purchase books for the university library and the remainder be used to establish an endowed scholarship fund. The alumnus further requested that the income generated by the scholarship fund be used annually to award a scholarship to a qualified disadvantaged student. On July 20, 20X2, the...
Question 7 Concord Corporation had record sales in 2020. It began 2020 with an Accounts Receivable...
Question 7 Concord Corporation had record sales in 2020. It began 2020 with an Accounts Receivable balance of $490,000 and an Allowance for Doubtful Accounts of $36,000. Concord recognized credit sales during the year of $6,665,000 and made monthly adjusting entries equal to 0.5% of each month's credit sales to recognize bad debt expense. Also during the year, the company wrote off $36,500 of accounts that were deemed to be uncollectible, although one customer whose $4,300 account had been written...
Prepare T accounts from 8 till16 Question 3 Wascana Ltd. is a small wholesaler of restaurant...
Prepare T accounts from 8 till16
Question 3 Wascana Ltd. is a small wholesaler of restaurant supplies. The company's post-closing trial balance at December 31, 2017, the end of its fiscal year, is presented below: Credit 23,400 WASCANA LTD. Post-Closing Trial Balance December 31, 2017 Debit Cash $78,000 Accounts receivable 468,000 Allowance for doubtful accounts Inventory 352,000 Equipment 1,800,000 Accumulated depreciation equipment Accounts payable Interest payable Employee income tax payable CPP payable EI payable Provisions Unearned revenue Bank loan payable...
Question 8 Table 4-2 Urban Corporation had the following transactions during April: 1. The company paid...
Question 8 Table 4-2 Urban Corporation had the following transactions during April: 1. The company paid $1,800 for 3 months' rent in advance on April 1. 2. The company received $800 in advance on April 1 from Wente Company for services to be performed over the next 3 months. 3. The company borrowed $20,000 from Benson Bank on April 1. The note is for 9 months with all interest due at the end of the note. The bank is charging...
QUESTION 7 (34 marks) Chan Corporation is a well-established merchandizing company that specializes in home appliance....
QUESTION 7 (34 marks) Chan Corporation is a well-established merchandizing company that specializes in home appliance. The company prepares its financial statements and adjusting entries at June 30 each year. The trial balance of the Chan Corporation at June 30, 2019 is presented on the page next. You are also required to take into consideration the following information: (1) At July 1, 2016, 6%, $100 par value, 30,000 cumulative preference shares were authorized. 10,000 shares were issued and outstanding. There...
QUESTION 4: Total of 18 marks This question consists of 2 parts (Parts A and B)....
QUESTION 4: Total of 18 marks This question consists of 2 parts (Parts A and B). All parts must be attempted. Alice Ltd acquired all the assets, except cash, and assumed all the liabilities of Medicure Ltd on 1 July 2020. Alice Ltd agreed to provide the following consideration on 1 July 2020: (1) Cash payment of $100,000, half of which is paid on the acquisition date, the remaining half of which is to be paid one year after the...
Question 8 For each of the following independent situations and from the information below record the...
Question 8 For each of the following independent situations and from the information below record the adjusting entry (and only the adjusting entry – do not record the original transaction or opening balance) in the General Journal, being as precise with your account titles as possible, e.g. not using “supplies” but “supplies expense” or “supplies on hand”. Please ignore GST. All calculations are to be worked out on a monthly (not daily) basis. Note: alternative versions of some of the...
Question 8 For each of the following independent situations and from the information below record the...
Question 8 For each of the following independent situations and from the information below record the adjusting entry (and only the adjusting entry – do not record the original transaction or opening balance) in the General Journal, being as precise with your account titles as possible, e.g. not using “supplies” but “supplies expense” or “supplies on hand”. Please ignore GST. All calculations are to be worked out on a monthly (not daily) basis. Note: alternative versions of some of the...
Question 8 For each of the following independent situations and from the information below record the...
Question 8 For each of the following independent situations and from the information below record the adjusting entry (and only the adjusting entry – do not record the original transaction or opening balance) in the General Journal, being as precise with your account titles as possible, e.g. not using “supplies” but “supplies expense” or “supplies on hand”. Please ignore GST. All calculations are to be worked out on a monthly (not daily) basis. Note: alternative versions of some of the...
Question 3 Identifying Transactions and Preparing Journal Bengal Corporation was formed on July 1, 2017. Prepare journal entries for the following events If an event is not a transaction write "no transaction. Use the following accounts • Accounts Payable • Accounts Receivable • Cash • Common Stock • Equipment • Land • Notes Payable (long-term) Notes Payable (short-term) • Supplies a) Received $70,000 cash invested by owners and issued common stock b) A lumber supplier delivered lumber supplies to Bengal...
. me following transactions occurred during the fiscal year ended June 30, 20X3: Received a gift of $100,000 on July 7, 20X2, from an alumnus who stipulated that half the gift be restricted to purchase books for the university library and the remainder be used to establish an endowed scholarship fund. The alumnus further requested that the income generated by the scholarship fund be used annually to award a scholarship to a qualified disadvantaged student. On July 20, 20X2, the...
Question 7 Concord Corporation had record sales in 2020. It began 2020 with an Accounts Receivable balance of $490,000 and an Allowance for Doubtful Accounts of $36,000. Concord recognized credit sales during the year of $6,665,000 and made monthly adjusting entries equal to 0.5% of each month's credit sales to recognize bad debt expense. Also during the year, the company wrote off $36,500 of accounts that were deemed to be uncollectible, although one customer whose $4,300 account had been written...
Prepare T accounts from 8 till16
Question 3 Wascana Ltd. is a small wholesaler of restaurant supplies. The company's post-closing trial balance at December 31, 2017, the end of its fiscal year, is presented below: Credit 23,400 WASCANA LTD. Post-Closing Trial Balance December 31, 2017 Debit Cash $78,000 Accounts receivable 468,000 Allowance for doubtful accounts Inventory 352,000 Equipment 1,800,000 Accumulated depreciation equipment Accounts payable Interest payable Employee income tax payable CPP payable EI payable Provisions Unearned revenue Bank loan payable...
QUESTION 7 (34 marks) Chan Corporation is a well-established merchandizing company that specializes in home appliance. The company prepares its financial statements and adjusting entries at June 30 each year. The trial balance of the Chan Corporation at June 30, 2019 is presented on the page next. You are also required to take into consideration the following information: (1) At July 1, 2016, 6%, $100 par value, 30,000 cumulative preference shares were authorized. 10,000 shares were issued and outstanding. There...
QUESTION 4: Total of 18 marks This question consists of 2 parts (Parts A and B). All parts must be attempted. Alice Ltd acquired all the assets, except cash, and assumed all the liabilities of Medicure Ltd on 1 July 2020. Alice Ltd agreed to provide the following consideration on 1 July 2020: (1) Cash payment of $100,000, half of which is paid on the acquisition date, the remaining half of which is to be paid one year after the...
Most questions answered within 3 hours.
-
Claim: At most 81% of adults do not have hypertension. When 869
randomly selected adults were...
asked 31 seconds from now -
2. Construct a business plan for your proposed business in
question 1, paying particular attention to:...
asked 3 seconds from now -
offering the survey (maybe via smart phones) is a good idea?
why?
asked 2 minutes ago -
Implement a Full Adder with two 4x1 Mux and the MSB as possible
inputs of the...
asked 5 minutes ago -
1. Choose a work situation in which you were required to do a
lot of creative...
asked 6 minutes ago -
An aqueous solution of barium hydroxide is
standardized by titration with a 0.196 M solution
of...
asked 46 minutes ago -
accorsing to the data from thw college board, the mean wuantitive
Sat score for s demale...
asked 1 hour ago -
1- What are 5 general characteristics of Botticelli’s
paintings?
2- Describe 5 important traits of Flemish...
asked 3 hours ago -
A golfer claims that his average golf score at the course he
plays regularly is less...
asked 3 hours ago -
On May 1, First Bank perfected a security interest in Debtor’s
inventory. On June 1, Bob...
asked 4 hours ago -
A new kind of typhoid shot is being developed by a medical
research team. The old...
asked 6 hours ago -
Write a chemical equation for these reactions. (Use
the lowest possible whole number coefficients.) Include
states-of-matter...
asked 8 hours ago