Suppose your company sells services of $350 in exchange for $220 cash and $130 on account. Depreciation of $150 relating to equipment also is recorded. Required: 1. Prepare the journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction int Journal entry worksheet Record the service revenue of $220 for cash and $130 on account.
Q: Jan 3 Feb 10 13 Mar 12 14 Apr. 3 May 11 13 July 12 Aug. 1 Oct. 5 15 Loaned $18,000 cash to Trina…
A: A journal entry is like a diary record that a company keeps to track its financial transactions.…
Q: Why is long term debt the only financing activity? What about current debt, dividends, and current…
A: On the cash flow statement, financing operations include transactions between the company's owners…
Q: E9-6 (Algo) Calculating Direct Materials and Direct Labor Variances Crystal Charm Company makes…
A: The variance is the difference between the standard and actual cost data. The variance can be…
Q: Del Gato Clinic's cash account shows an $15,002 debit balance and its bank statement shows $14,984…
A: Bank reconciliation statement is an important statement that helps in computing and determining the…
Q: You have inherited money from your grandparents, and a friend suggests that you consider buying…
A: The objective of the question is to calculate the working capital, current ratio, and quick ratio of…
Q: Calculate the estimated ending inventory and cost of goods sold for 2024 using the information…
A: Please find the calculation of the estimated ending inventory & cost of goods sold for 2024 in…
Q: Listed below are the transactions that affected the shareholders' equity of Branch-Rickie…
A: The statement of stockholders equity is one of the primary statement which includes separately all…
Q: Problem 7-41 (Algo) Departmental Cost Allocation; Service Company [LO 7-3, 7-5] Comprehensive…
A: Direct costsDirect costs are the expenses that are directly used for the production of goods and…
Q: Williams Company issued 200 of as 8 $1,000, 5-year bonds on January 1, 2023 On that date, the market…
A: Issue price of bonds is the present value of the interest annuity & maturity amount at market…
Q: Which of the following hybrid funds attempts to protect against inflation as well as exchange rate…
A: 1. Real Return Fund: A Real Return Fund is a type of hybrid fund that attempts to protect against…
Q: Rodriguez Company pays $368,550 for real estate with land, land improvements, and a building. Land…
A: Apportionment cost to assets refers to the process of distributing or allocating expenses or costs…
Q: which deduction should a person take?
A: Business travel deductions allow individuals to offset expenses incurred while traveling for work…
Q: TelCo provides a bundle service offering to a customer for £3,000 upfront. The services provided are…
A: Revenue refers to the amount that a company receives by selling its goods or offering its services…
Q: Flexible Budget for Selling and Administrative Expenses for a Service Company Digital Solutions Inc.…
A: The costs incurred are classified as fixed and variable costs. The variable costs change with change…
Q: Puget Sound Divers is a company that provides diving services such as underwater ship repairs to…
A: FLEXIBLE BUDGETA flexible budget is a budget that is prepared for different levels of activity or…
Q: Marigold Company reports the following financial information before adjustments. Accounts Receivable…
A: Bad Debt Expense is an expense that is used to record balance of accounts uncollectible written off.…
Q: Skysong Corporation had income from continuing operations of $445,000 for the year ended December…
A: Income statement is the one which is prepared by the entity for the purpose of reporting the net…
Q: When a company exchanges machinery and receives a trade-in allowance less than the book value, this…
A: Exchange of fixed assets involves swapping one set of durable, long-term assets for another,…
Q: Cullumber Manufacturing Company uses a job order cost system and keeps perpetual inventory records.…
A: The perpetual inventory system uses technology to track and update inventory records following each…
Q: For each cost, indicate whether it would most likely be classified as direct materials, direct…
A: The costs may be classified as direct cost or indirect cost, product cost or period cost, committed…
Q: Coronado Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $212,686 at both cost…
A: Journal Entry - It is an act of recording transaction in books of account when transaction…
Q: Using the following information for a periodic inventory system, what is the amount of net income
A: In a periodic inventory system, a business updates its inventory records periodically rather than…
Q: On May 1, Oriole Company purchased factory equipment for $748700. The asset's useful life in hours…
A: The straight-line method is one of the most common techniques for allocating the cost of an asset…
Q: Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place,…
A: In vertical analysis, financial statements are examined to determine how each line item compares to…
Q: The carrying value of the machine as of December 31, 20X2,
A: Depreciation is defined as the gradual and permanent diminishing in the value of assets due to wear…
Q: Viktor exchanges stock (adjusted basis $19,000, FMV $26,800) and real estate (adjusted basis…
A: Realized gain:Realized gain refers to the profit made from the sale of an asset once the transaction…
Q: The sales price for a product provides a gross profit of 24% of sales price. What is the gross…
A: Gross profit - It can be defined as the excess of a company's sales revenue over the direct…
Q: Futura Company purchases the 40,000 starters that it installs in its standard line of farm tractors…
A: Note : Rent is fixed and allocated cost, actual rent does not change in both the cases whether we…
Q: On January 1, 2025, Teal Mountain Supply company issued 17,000 shares of $2 par value common stock…
A: Journal entryMarch 1, 2025 is the act of keeping records of transactions in an accounting journal.…
Q: Markus Company’s common stock sold for $1.75 per share at the end of this year. The company paid a…
A: The objective of the question is to calculate the accounts receivable turnover and the average…
Q: Velocity, a consulting firm, enters into a contract to help Burger Boy, a fast-food restaurant,…
A: Solving the first three sub-parts.Journal entries record the revenue for the first four months of…
Q: At the beginning of 2023, Valero Energy had 300,000 shares of $5 par value Common Stock outstanding.…
A: The earnings per share is calculated as net income available to common Stockholders divided by…
Q: A retailer allocates $196,000 of total annual rent expense to its four departments in a two-story…
A: Cost allocation is the process of allocation of cost to different cost objects. This is used to…
Q: To keep her existing sales volume and take on the new convention center events, Nancy would need to…
A:
Q: Exercise 21-16 (Static) Computing and analyzing direct lapor variances LU P3 Javon Company set…
A: The variances for direct labor arise due to differences in the direct labor rate and usage of direct…
Q: Dave and his friend Stewart each owns 50 percent of KBS. During the year, Dave received $96,000…
A: The current FICA tax rate is 7.65% (i.e. social security tax rate of 6.2% and medicare tax rate of…
Q: Juniper Corporation is considering two alternative investment proposals with the following data:…
A: Payback period is the length of time in which an investment reaches its break-even point. In other…
Q: Current Attempt in Progress A company purchases new cement manufacturing assets that cost $17…
A: Depreciation is an accounting technique that distributes an asset's cost over the course of its…
Q: Which of the following would not be added to net income in calculating cash flows from operating…
A: The question's central theme is to assess your grasp of the adjustments applied to net income when…
Q: 16. On 1 January 2022, Marina Tower exchanged equipment for an $800,000 zero-interest-bearing note…
A: When more than one asset is purchased at the lumpsum price then the cost is allocated to the…
Q: Assume that on June 30, Sunland Corporation declares a 10% stock dividend on its 100000 common…
A: When a corporation announces a stock dividend, it is effectively distributing more shares to its…
Q: PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales Expenses: Cost of…
A: Statement of Cash Flows: It is a financial statement that shows the increase or decrease in the cash…
Q: Lisa Hansen is the manager of American Autos American Autos provides three types of services, Sales,…
A: According to the question given, we need to prepare the overhead distribution summary.Meaning of…
Q: Two popular methods of financial statement analysis are horizontal analysis and vertical analysis.…
A: Financial Statements has three components Income Statement, Balance Sheet and Cash flow Statement.…
Q: Required (a) Explain the impact of the additional 20% purchase of DCA's ordinary share capital by…
A: The consolidated statement of changes in equity provides a comprehensive overview of how a company's…
Q: Wapato Corporation purchased a new piece of equipment at the beginning of Year 1 for $1,000,000. The…
A: Deferred tax arises out of the temporary differences between the accounting income and taxable…
Q: INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year…
A: Journal entry records the accounting transactions of a business in a journal book. All the business…
Q: Marsden Company has three departments occupying the following amount of floor space: Department 1…
A: The costs incurred for production are classified as direct and indirect costs. The costs are…
Q: Melinda Corporation estimates its factory overhead based on direct labor hours. Melinda estimates…
A: Predetermined Overhead Rate is the rate which is used to allocate manufacturing overhead costs to…
Q: Malibu Corporation's fiscal year-end is December 31, 2024. The following is a partial adjusted trial…
A: The journal entries are prepared to record the transactions on regular basis. The closing entries…
Step by step
Solved in 3 steps
- For each transaction, suggest two internal controls you would implement. Justify your response. Here's an example to guide you: · A. Transaction: Big Marker purchased supplies on account, $100. B. Business process: Acquisition/ payment. C. Journal entry: Debit Supplies $100. Credit Accounts Payable $100. D. Elements: Supply is an asset; accounts payable, a liability E. Forms: Purchase requisition and purchase order. F. Additional information: name of the primary contact person at the vendor, specific type and quantity of supplies purchased (e.g., 10 boxes of paper clips) G. Internal controls: Transaction authorizations would ensure that only the purchasing department can issue purchase orders. Sending a blind copy of the purchase e Receiving department would aid in the segregation of duties.Required information [The following information applies to the questions displayed below.] At the beginning of Year 1, a company has a balance of $24,800 in accounts receivable. Because the company is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts. However, at the end of Year 1, the company wishes to obtain a loan at the local bank, which requires the preparation of proper financial statements. This means that the company now will need to use the allowance method. The following transactions occur during Year 1 and Year 2. 1. During Year 1, install air conditioning systems on account, $178,000. 2. During Year 1, collect $173,000 from customers on account. 3. At the end of Year 1, estimate that uncollectible accounts total 20% of ending accounts receivable. 4. In Year 2, customers' accounts totaling $6,800 are written off as uncollectible.. Prepare the journal entries SSG would record. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Transaction a(1) 3 Note: Enter debits before credits. Record the sales on account of $150,000 to SRU. Record entry 4 5 General Journal Clear entry Debit Credit View general journal
- DIRECT WRITE-OFF METHOD Brent Mussellman, owner of Brents Barbells, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loanMeenen Company purchases equipment for OMR 1200 from Sanders Co. on account. The entry for this transaction will be Select one: O a. Debit Equipment A/C and Credit Bank A/C O b. Debit Equipment A/C and Credit Account Receivable A/C O c. Debit Equipment A/C and Credit Account Payable A/C O d. Debit Equipment A/C and Credit Cash A/C .
- What is the name of the book of original entry (prime entry) used to record the purchase of non-current assets (machinery) on credit? Required to answer. Single choice. A. General Journal B. General Journal C. Sales Daybook D. Purchase LedgerPA9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO 9-2, LO 9-3] [The following information applies to the questions displayed below.] At the beginning of the year, Cruz & Turner Corporation bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset Installation costa Renovation costs prior to use Repairs after production began $10,700 970 1,110 850 PA9-1 (Algo) Part 3 3. Prepare the journal entry to record year 2 straight-line depreciation expense for Machine A, assuming an estimated life of 4 years and $1,000 residual value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Current Attempt in Progress Cullumber Tailors sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. 2. (a) Cullumber Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $477. The standalone selling price of the tablet is $249 (the cost to Cullumber Tailors is $191). Cullumber Tailors sells the Internet access service independently for an upfront payment of $277. On January 2, 2025, Cullumber Tailors signed 110 contracts, receiving a total of $52,470 in cash. Cullumber Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $587. Cullumber Tailors provides the 3-year tablet service plan as a separate…
- Exercise 6-5 (Algo) Performance obligations [LO6-2, 6-4, 6-5] On March 1, 2021, Gold Examiner receives $154,000 from a local bank and promises to deliver 96 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold bar is $1,560 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $65 per unit. Brink's picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1. Required: 1. How many performance obligations are in this contract? 2. to 4. Prepare the journal entry Gold Examiner would record on March 1, March 30 and April 1. Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 How many…Asset Cost: Less: Residual Value Depreciable Amount Depreciation method Depreciation p.a: Date 30/06/2018 30/06/2019 30/06/2020 Computers Depreciation Worksheet - Snow Lake Pty Ltd $66,000 $ N/A $66,000 Reducing Balance (Diminishing Balance) 30% Asset Cost $66,000 46,200 32,340 Depreciation $19,800 13,860 9,702 Accumulated Depreciation $19,800 33,660 43,362 Carrying Amount at the end $46,200 32,340 22,638 20 2014 2015 14200 1444Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. SALES JOURNAL Page: 79 Date Account InvoiceNo. Ref. DR Accts.ReceivableCR Sales DR COGSCR MerchandiseInventory 2019 Feb. 4 Evert Company 17433 E123 2,000.00 Feb. 8 King Inc. 17434 K331 775.30 Feb. 14 Martina Inc. 17435 M132 2,301.99 Feb. 16 Shriver Company 17436 S101 700.00 Total fill in the blank 1 CASH RECEIPTS JOURNAL Page: 102 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, or OtherAccounts CR 2019 Feb. 1 Cash Sales 475.00 475.00 Feb. 5 Payment from Evert Co. 17433 1,960.00 40.00 2,000.00 Feb. 15 Bank loan 230 1,500.00 1,500.00 Feb. 21 Payment from…