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Journal Entries

Journal entry - Equity method

Can you help me with this assignment? Waters, Inc., acquires 10 percent of Denton Corporation on January 1, 2004, for $210,000 although the book value of Denton on that date was $1,700,000. Denton held land that was undervalued on its accounting records by $100,000. During 2004, Denton earned a net income of $240,000 while p

Journalize Transactions for Mexico Supply Co.

Mexico Supply Co. has the following transactions related to notes receivable during the last 2 months of 2005. Nov. 1 Loaned $18,000 cash to Norma Hanson on a 1-year, 10% note. Dec. 11 Sold goods to John Countryman, Inc., receiving a $6,750, 90-day, 8% note. 16 Received a $4,000, 6-month, 9% note in exchange for Bob

Recording transactions in tabular form, general entries

Analyze the effects that each of these transactions will have on the following six components of the company's financial statements for the month of June by organizing your answer in tabular form, using the column headings shown. use I for increase, D for decrease, and NE for no effect. income statement

P13-2 (Liability Entries and Adjustments)

P13-2 (Liability Entries and Adjustments) Listed below are selected transactions of Kobe Bryant Department Store for the current year ending December 31. 1. On December 5, the store received $500 from the Phil Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on J

Preparing journal entries

Please help with the following problem. A corporation had stockholders' equity on January 1 as follows: Common Stock, $5 par value, 1,000,000 shares authorized, 500,000 shares issued; Contributed Capital in Excess of Par Value, Common Stock, $1,000,000; Retained Earnings, $3,000,000. Prepare journal entries to record the fol

Prepare the journal entry to establish the petty cash fund.

Inoke Gallery had the following petty cash transactions in February of the current year: Feb. 2 Wrote a $300 check, cashed it, and gave the proceeds and the petty cashbox to Bo Brown, the petty cashier. 5 Purchased bond paper for the copier for $10.13 that is immediately used. 9 Paid $22.50 COD shipping charges on m

Journalize Hutton Company Transactions

Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. The following transactions occur in the month of March: Mar. 2, Sold merchandise costing $300 to B. Fager for $450 cash, invoice no 5703. 5, Purchased $2,300 of merchandise on credit from

Sony's Mode of Entry

Taking into account international risk factors, how should an organization decide on a mode of entry when expanding internationally? Which mode of entry has a company like Sony used?

Accounting Business Analysis

The company borrowed $125,000 in cash from Far West Bank. a. List the accounts impacted by the transaction. b. For each account, indicate whether the transaction increased or decreased the account. c. For each account, indicate how much the transaction increased or decreased the account. d. Compute the impact of the

Recording Transactions for Aerial Views

Wendy Winger organized a corporation to provide aerial photography services. The company called, Aerial Views, began operations immediately. Prepare journal entries, trial balance. Total assets, total liabilities, and owners' equity. See attached file for full problem description.

Several problems

1) Would you say that Credit postings to the accounts receivable general ledger account come from the cash receipts journal and the general journal. True or False 2) Sales revenue minus sales returns and allowances and sales discounts equals: (a) Gross margin (b)Income from Operations (c) Cost of goods sold (d) Net sale

Journal entries for three grants

The following information relates to three grants that the town of College Hills received from the state during its fiscal year ending December 31, 2003: a. A cash grant of $200,000 must be used to repair roads. b. $150,000 in cash is received out of a total grant of $200,000 intended to reimburse the town for actual expendi

Journal Entries for Issuing/Purchasing Shares at Garza Co.

E12-2 Garza Co. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company to incorporate. June 12 Issued 60,000 shares of $1 par value common stock for cash of $375,000. Ju

Journal entries for two companies.

The following transaction would be journalized in the books of Company #1 and Company #2 "Bogus company" engaged in the following transactions during July: July 2nd purchased inventory for cash $800 July 5th purchased store supplies on credit terms of net eom,$600 July 8th purchased inventory of $3,000, plus

Moving from Service Companies to Merchandisers

On April 30th company purchased inventory of $8,000 on an account from a supplier. The terms were 3/15 net 45( 3% of total, if paid in 15 days or full amount if paid in 45 days). After receiving goods the buyer realized that $1,000 of the goods are defective. The buyer then returns the defective goods on May 4th. To pay the r

Calculating Pension Expense and Journal Entries

Please help me with the given accounting problem: (Pension Expense, Journal Entries) The following information is available for the pension plan of Kiley Company for the year 2004. Actual and expected return on plan assets $ 12,000 Benefits paid to retirees 40,000 Contributions (funding) 95,000 Interest/discou

Entries for Held-to-Maturity Securities

E17-2 (Entries for Held-to-Maturity Securities) On January 1, 2003, Dagwood Company purchased at par 12% bonds having a maturity value of $300,000. They are dated January 1, 2003, and mature January 1, 2008, with interest receivable December 31 of each year. The bonds are classified in the held-to-maturity category. Instructi

Prepare required closing entries in journal form

(See attached file for full problem description) --- 1. For Featherstone Real Estate Company, need to prepare required closing entries in journal form. Cash $7,275 Acc. Receivable 2,325 Prepaid insurance 585 Office supplies 440 Office equipment 6,300 accumulat

Green Mountain Company of Montpelier, Vermont

E3) Green Mountain Company of Montpelier, Vermont, publishes a monthly magazine featuring local restaurant reviews and upcoming social, cultural, and sporting events. Subscribers pat subscriptions either one year or two years in advance. Cash received from subscribers is credited to an account called Magazine Subscriptions Recei

Creative Environment in the Workplace

Outline the important characteristics of a creative environment, and how it might impact their day to day operations: identify how managers and supervisors need to interact with employees in a creative environment. Discipline is still important, but it is managed differently. What are the important characteristics for managers t

Supplies Acount: Missing Data

Please see attachment. (I am still unlcear on how to input data in the ledger- please help) --- Each of the following columns represents a Supplies account: (see data attached) 1. Determine the amounts indicated by the question marks 2. Make the adjusting entry for column a, assuming supplies purchased are debited

Transaction Summary

The following is a chapter study question I do not understand. What is the correct answer and why. The following entry appears in Tri-County's general journal on March 10, 2005: DEBIT CREDIT Accounts Receivable.............. 25,000 Cash..................................

Bad Debt

On January 1, 2003, Marina Clothing Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $4,700. Marina Clothing Company prepares financial statements annually. During the year the following selected transactions occurred. Jan. 5 Sold $6,000 of merchandise to Cheryl Crow Company, terms n

Accounting questions for Bentwood company

(See attached file for full problem description) 1. On January 1, 2003, Bentwood Company issued bonds with a face value of $400,000. The bonds carry a stated interest rate of 10 percent that is payable each July 1 and January 1. Instructions: a. Prepare the journal entry for the issuance assuming the bonds are issued a

Problem 42, 43, and 44

42. Information concerning the exchange of assets with Myers Equipment by two companies is as following: Cox Troy Company Company Cost $32,000 $25,000 Accumulated depreciation 12,000 13,000 Fair market of old e

Accounting for Fixed Assets

The XYZ corporation has negotiated the purchase of a new piece of equipment at $8,000 plus trade in , f.o.b. factory. The XYZ corporation paid $8,000 cash and traded in used equipment. The used equipment originally cost $62,000; it had a book value of $42,000 and a second hand market value of $47,800, as indicated by recent tra

Understanding the Social World

Your department was just given a new project to pilot and rollout to your organization. The project involves assembling a cross-organizational team that will be given the responsibility for reviewing different payroll systems that Faraday Enterprises can use, and choosing the best payroll system to implement. You've chosen S

15:9. (Correcting Entries for Equity Transactions)

9. (Correcting Entries for Equity Transactions) Pistons Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the follow