Homework Answers
Solution:
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| June 15 | Accounts Payable | $1,000 | |
| Cash | $400 | ||
| Note Payable | $600 |
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Journal entry worksheet Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April....
journal Required information Short-term notes payable are current liabilities, most bear interest. When a short-t...
journal
Required information Short-term notes payable are current liabilities, most bear interest. When a short-term note's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 Coolidge Company owes $1,000 for merchandise Inventory purchased from Ross Company during April. The amount owed is now past due. On June 15, Coolidge meets with Ross and convinces Ross to accept $100 cash and a 30 day, 10 percent. $600 note payable to...
Journal entry worksheet < 1 2 3 4 5 6 7 Sold merchandise for $6,400, with...
Journal entry worksheet < 1 2 3 4 5 6 7 Sold merchandise for $6,400, with credit terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01 Record entry Clear entry View general Journal Journal entry worksheet < 1 3 4 5 6 7 The cost of the merchandise is $3,840. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01 Record entry Clear entry View general Journal Journal entry worksheet < 1 2...
Journal entry worksheet On March 1, Glenn Corporation borrows $25,000 from the bank. Note: Enter debits...
Journal entry worksheet On March 1, Glenn Corporation borrows $25,000 from the bank. Note: Enter debits before credits. Date Account Title Debit Credit March 01 Journal entry worksheet On April 7, Carlton Company purchases supplies for $600 cash. Note: Enter debits before credits. Date Account Title Debit Credit April 07 Journal entry worksheet On January 5, Fairbanks Corporation provides services on account to customers totaling $10,000. Note: Enter debits before credits. Account Title Debit Credit Date January 05 Journal entry...
Apr. 2 Purchased $3,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice...
Apr.
2
Purchased $3,900
of merchandise from Lyon Company with credit terms of 2/15, n/60,
invoice dated April 2, and FOB shipping point.
3
Paid $220 cash
for shipping charges on the April 2 purchase.
4
Returned to Lyon
Company unacceptable merchandise that had an invoice price of
$450.
17
Sent a check to
Lyon Company for the April 2 purchase, net of the discount and the
returned merchandise.
18
Purchased $7,100
of merchandise from Frist Corp. with credit terms...
3 a. b. Merchandise Inventory, before adjustment, has a balance of $7,400. The newly counted inventory...
3 a. b. Merchandise Inventory, before adjustment, has a balance of $7,400. The newly counted inventory balance is $7.900. c. Unearned Seminar Fees has a balance of $5,900, representing prepayment by customers for five seminars to be conducted in June, July, and August 2019. Two seminars had been conducted by June 30, 2019 d. Prepaid Insurance has a balance of $11.400 for six months' insurance paid in advance on May 1, 2019. e. Store equipment costing $13,450 was purchased on...
Journal entry worksheet < 1 2 3 4 5 6 7 Purchased supplies for $350 cash....
Journal entry worksheet < 1 2 3 4 5 6 7 Purchased supplies for $350 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 Collected $5,600 cash on accounts receivable. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 3 4 5 6 7 Paid $1,450 cash in advance...
View transaction list Journal entry worksheet The company purchased a building on January 1, 2019. It...
View transaction list Journal entry worksheet The company purchased a building on January 1, 2019. It cost $615,000 and is expected to have a $45,000 salvage value at the end of its predicted 30- year life. Annual depreciation is $19,000. Note: Enter debits before credits. Debit Credit Transaction d. General Journal Depreciation expense Building Accumulated depreciation Building Record entry Clear entry View general journal Required 2 > < Prev 15 of 16 !!! Next > MacBook Air
Knowledge Check 01 On April 7, Carlton Company purchases supplies for $600 cash. Provide the journal...
Knowledge Check 01 On April 7, Carlton Company purchases supplies for $600 cash. Provide the journal entry for this transaction. View transaction list Journal entry worksheet On April 7, Carlton Company purchases supplies for $600 cash. Note: Enter debits before credits. Date Account Title Debit Credit April 07 Cash Accounts Payable Cash Inventory Record View general Journal Supplies
On June 30, 2016, the Esquire Company sold some merchandise to a customer for $30,000 and...
On June 30, 2016, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of $30,000 on March 31, 2017. The 8% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2016 Interest accrual, and the March...
a. b. Merchandise Inventory, before adjustment, has a balance of $7,400. The newly counted inventory balance...
a. b. Merchandise Inventory, before adjustment, has a balance of $7,400. The newly counted inventory balance is $7.900 c. Unearned Seminar Fees has a balance of $5.900, representing prepayment by customers for five seminars to be conducted in June, July, and August 2019. Two seminars had been conducted by June 30, 2019. d. Prepaid Insurance has a balance of $11.400 for six months' insurance paid in advance on May 1, 2019 e. Store equipment costing $13,450 was purchased on March...
journal
Required information Short-term notes payable are current liabilities, most bear interest. When a short-term note's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 Coolidge Company owes $1,000 for merchandise Inventory purchased from Ross Company during April. The amount owed is now past due. On June 15, Coolidge meets with Ross and convinces Ross to accept $100 cash and a 30 day, 10 percent. $600 note payable to...
Journal entry worksheet < 1 2 3 4 5 6 7 Sold merchandise for $6,400, with credit terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01 Record entry Clear entry View general Journal Journal entry worksheet < 1 3 4 5 6 7 The cost of the merchandise is $3,840. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01 Record entry Clear entry View general Journal Journal entry worksheet < 1 2...
Journal entry worksheet On March 1, Glenn Corporation borrows $25,000 from the bank. Note: Enter debits before credits. Date Account Title Debit Credit March 01 Journal entry worksheet On April 7, Carlton Company purchases supplies for $600 cash. Note: Enter debits before credits. Date Account Title Debit Credit April 07 Journal entry worksheet On January 5, Fairbanks Corporation provides services on account to customers totaling $10,000. Note: Enter debits before credits. Account Title Debit Credit Date January 05 Journal entry...
Apr.
2
Purchased $3,900
of merchandise from Lyon Company with credit terms of 2/15, n/60,
invoice dated April 2, and FOB shipping point.
3
Paid $220 cash
for shipping charges on the April 2 purchase.
4
Returned to Lyon
Company unacceptable merchandise that had an invoice price of
$450.
17
Sent a check to
Lyon Company for the April 2 purchase, net of the discount and the
returned merchandise.
18
Purchased $7,100
of merchandise from Frist Corp. with credit terms...
3 a. b. Merchandise Inventory, before adjustment, has a balance of $7,400. The newly counted inventory balance is $7.900. c. Unearned Seminar Fees has a balance of $5,900, representing prepayment by customers for five seminars to be conducted in June, July, and August 2019. Two seminars had been conducted by June 30, 2019 d. Prepaid Insurance has a balance of $11.400 for six months' insurance paid in advance on May 1, 2019. e. Store equipment costing $13,450 was purchased on...
Journal entry worksheet < 1 2 3 4 5 6 7 Purchased supplies for $350 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 Collected $5,600 cash on accounts receivable. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 3 4 5 6 7 Paid $1,450 cash in advance...
View transaction list Journal entry worksheet The company purchased a building on January 1, 2019. It cost $615,000 and is expected to have a $45,000 salvage value at the end of its predicted 30- year life. Annual depreciation is $19,000. Note: Enter debits before credits. Debit Credit Transaction d. General Journal Depreciation expense Building Accumulated depreciation Building Record entry Clear entry View general journal Required 2 > < Prev 15 of 16 !!! Next > MacBook Air
Knowledge Check 01 On April 7, Carlton Company purchases supplies for $600 cash. Provide the journal entry for this transaction. View transaction list Journal entry worksheet On April 7, Carlton Company purchases supplies for $600 cash. Note: Enter debits before credits. Date Account Title Debit Credit April 07 Cash Accounts Payable Cash Inventory Record View general Journal Supplies
On June 30, 2016, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of $30,000 on March 31, 2017. The 8% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2016 Interest accrual, and the March...
a. b. Merchandise Inventory, before adjustment, has a balance of $7,400. The newly counted inventory balance is $7.900 c. Unearned Seminar Fees has a balance of $5.900, representing prepayment by customers for five seminars to be conducted in June, July, and August 2019. Two seminars had been conducted by June 30, 2019. d. Prepaid Insurance has a balance of $11.400 for six months' insurance paid in advance on May 1, 2019 e. Store equipment costing $13,450 was purchased on March...
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