Exercise 13-2 The following are selected 2017 transactions of Whispering Winds Corporation Purchased inventory from Orion...
Exercise 13-2 The following are selected 2017 transactions of Novak Corporation. Sept. 1 Purchased inventory from Orion Company on account for $52,900. Novak uses a periodic inventory system and records purchases using the gross method of accounting for purchase discounts. Issued a $52,900, 12-month, 8% note to Orion in payment of Novak's account Borrowed $79,100 from the bank by signing a 12-month, non-interest-bearing $80,400 note Oct. 1 1 Prepare journal entries for the selected transactions above. (Credit account titles are...
Exercise 13-2 The following are selected 2017 transactions of Blue Spruce Corporation. Sept. 1 Purchased inventory from Orion Company on account for $44,400. Blue Spruce uses a periodic inventory system and records purchases using the gross method of accounting for purchase discounts. Oct. 1 Issued a $44,400, 12-month, 9% note to Orion in payment of Blue Spruce’s account. 1 Borrowed $76,800 from the bank by signing a 12-month, non–interest-bearing $80,000 note. Prepare journal entries for the selected transactions above. (Credit...
Exercise 13-2
The following are selected 2017 transactions of Flint
Corporation.
Sept. 1
Purchased inventory from Encino Company on account for $39,400.
Flint records purchases gross and uses a periodic inventory
system.
Oct. 1
Issued a $39,400, 12-month, 8% note to Encino in payment of
account.
Oct. 1
Borrowed $39,400 from the Shore Bank by signing a 12-month,
zero-interest-bearing $42,720 note.
Prepare journal entries for the selected transactions above.
(If no entry is required, select "No Entry" for the
account...
The following are selected 2020 transactions of Stellar
Corporation.
Sept. 1
Purchased inventory from Encino Company on account for $47,400.
Stellar records purchases gross and uses a periodic inventory
system.
Oct. 1
Issued a $47,400, 12-month, 8% note to Encino in payment of
account.
Oct. 1
Borrowed $47,400 from the Shore Bank by signing a 12-month,
zero-interest-bearing $52,040 note.
Part 1 Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account...
On June 1, 2020, Whispering Winds Corporation approached
Silverman Corporation about buying a parcel of undeveloped land.
Silverman was asking $258,000 for the land and Whispering Winds saw
that there was some flexibility in the asking price. Whispering
Winds did not have enough money to make a cash offer to Silverman
and proposed to give, in return for the land, a $315,000, five-year
promissory note that bears interest at the rate of 5%. The interest
is to be paid annually...
Problem 13-13 To increase the sales of its Sugar Kids breakfast cereal, Whispering Winds Foods Limited places one coupon in each cereal box. Five coupons are redeemable for a premium consisting of a child's hand puppet. In 2017, Whispering Winds purchases 41,400 puppets at $1.65 each and sells 489,000 boxes of Sugar Kids at $3.05 a box. Whispering Winds estimates that $0.20 of the sale price relates to the hand puppet to be awarded. From its experience with other similar...
The following are selected 2020 transactions of Teal Corporation. Sept. Purchased inventory from Encino Company on account for $40,200. Teal records purchases gross and uses a periodic inventory system. 1 Oct. Issued a $40,200, 12-month, 8 % note to Encino in payment of account. Oct. Borrowed $40,200 from the Shore Bank by signing a 12-month, zero-interest-bearing $44,240 note. 1 Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and...
Question 3
Whispering Winds, Inc., a private company that applies ASPE,
incurred $14,400 in materials and $12,700 in direct labour costs
between January and March 2017 to develop a new product. In May
2017, the criteria required to capitalize development costs were
met. A further $49,400 was spent for materials, $16,200 for direct
labour costs, $3,100 for borrowing costs, and $66,100 for directly
related legal fees.
Prepare the appropriate journal entries. (Credit
account titles are automatically indented when the amount...
ASSIGNMENT RESOURCES Exercise 13-2 The following are selected 2017 transactions of Larkspur Corporation. Copy of CPT 13 HW Sept. 1 Purchased inventory from t Company on account for $58,600. Larkspur records purchases gross and uses a penedic nventory system. Oct. 1 Issued a $58,600, 12-month, 89% note to Encino in payment of account. Oct. 1 Borrowed $58,600 from the Shore Bank by signing a 12-manth, zero-interest-bearing $63,720 note. Exercise 13-8 Exercise 13-19 Problem 13-14 Prepare journal entries for the selected...
The following are selected 2020 transactions of Teal Corporation. Sept. Purchased Inventory from Encino Company on account for $40,200, Teal records purchases gross and uses a 1 periodic inventory system. Oct. Issued a $40,200, 12-month, 8% note to Encino in payment of account. Borrowed $40,200 from the Shore Bank by signing a 12-month, zero-interest-bearing $44,240 note. Your answer is partially correct. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account...