Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead...
Issuing Stock Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 125,000 shares of 3% preferred stock, $60 par and 650,000 shares of $15 par common stock. The following selected transactions were completed during the first year of operations: Journalize the transactions. July. 1. Issued 120,000 shares...
During 2022, Flounder Corp. entered into the following transactions. 1. Borrowed 563,900 by issuing bonds. 2. Paid $8,610 cash dividend to stockholders. 3. Received $14,000 cash from a previously billed customer for services performed. 4. Purchased supplies on account for $3,100. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes...
The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 55,000 Accounts receivable 275,000 Prepaid rent 7,500 Inventory 40,000 Office equipment 500,000 Accumulated depreciation—office equipment 210,000 Accounts payable 50,000 Note payable (due in six months) 30,000 Salaries payable 6,500 Interest payable 1,000 Common stock 400,000 Retained earnings 95,000 Sales revenue...
Financial Accounting Problem T-accounts / Statement of earnings / Ratio Joanne Beauport, a connoisseur of fine chocolate, opened Joanne's Chocolates Inc. in Newtown on March 1. 2017. The shop specializes in a selection of gourmet chocolates and a line of gourmet ice cream. You have been hired as manager. Your duties include maintaining the store's financial records. The following transactions...
Barrington Company has the following chart of accounts: Cash Michelle Barrington, Drawing Accounts Receivable Fees Income Supplies Advertising Expense Office Furniture Rent Expense Equipment Salaries Expense Accounts Payable Telephone Expense Michelle Barrington, Capital Utilities Expense Use this chart of accounts to write journal entries for each of the following transactions. Michelle Barrington invested $16,000 cash to start the business Issued...
transactions to a general ledger A- A+ But Copy Format a 3 Merge & Center. S x June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for B15 J el: tyw of Accounting, Inc. quired 574,800 in cash from Lauryn and issued 3.400 shares of is e ther Jusel: tyw of Accounting, Inc. issued 2,370 shares of...
Journalize the following transactions 2017 Jan 2. Issued 7 percent 10 year bond with maturity value of $5,000,000 at 97.00. Jan 2. Signed a five year capital lease on equipment. The agreement requires annual lease payment of $400,000, with the first payment due immediatelt( BGN). The present value of the five lease payments is $1,724,851 (8 percent is the interest...
Worksheet Adjustments - Prepare adjustments for the following transactions in journal entry form and also record each adjustment on the worksheet using the Unadjusted Trial Balance of Bugs-Off Exterminators (See Comprehensive Problem at the end of Chapter 11 - Pg. 504). Complete worksheet through adjusted trial balance and prepare an income statement, statement of owner's equity and balance sheet. a....
Required information Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any...