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Journal Entries

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

Adjusting Journal Entries for Balance Sheet Accounts

Adjusting Journal Entries for Balance Sheet Accounts Following are several December 31 account balances of Brookhaven Square, Inc. prior to the preparation of year-end adjusting journal entries: Property, Plant & Equipment $1,530,200 Cash 120,600 Unearned Rental Revenue 72,000

True or False questions regarding accounting fundamentals

Indicate whether each statement is true (T) or false (F). (1) If a journal entry affects one asset account and two liability accounts, that journal entry must be out of balance in reference to the accounting equation. (2) If a business's trial balance is "in balance", then the entity's accounting records are free of

Lt-10-8. (Nonmonetary Exchanges with Boot)

8. (Nonmonetary Exchanges with Boot) Susquehanna Corporation wishes to exchange a machine used in its operations. Susquehanna has received the following offers from other companies in the industry. 1. Choctaw Company offered to exchange a similar machine plus $23,000. 2. Powhatan Company offered to exchange a similar machine

Pearson Co, McGraw Constuction: Journal Entries for bond transactions

8. FOR THE FOLLOWING TWO PROBLEMS PREPARE THE JOURNAL ENTRIES AND INDICATE THE INTEREST EXPENSES FOR 1977 AND 1978. I ALSO NEED THE 1987 INTEREST BY THE BOND CARRYING AMOUNT. THE FOLLOWING TRANSACTIONS WERE COMPLETED BY PEARSON CO. WHOSE FISCAL YEAR IS A CALENDER YEAR. 1977 SEPT 30 ISSUED 2,000,000 OF 20 YEAR 7% CAL

Problem Set

# 7 needs to be put in journal entries. 7. THE STOCK HOLDERS EQUITY ACCOUNTS OF MALDEN ENTERPRISES INC WITH BALANCES ON JAN 1 OF THE CURRENT FISCAL YEAR ARE AS FOLLOWS. COMMON STOCK STATED VALUE 20 DOLLARS (20,000 SHARES AUTHORIZED 12,000 SHARES ISSUED) 240,000 PAID IN CAPITAL IN EXCESS OF STATED VALUE

Elite Manufacturing: overhead rates, manufacturing costs, journal entries

Elite Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor hours. On January 1, 2005, Job No. 25 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $10,000; direct labor $6,000; and manufacturing overhead $9,000

Journalize

(See attached file for full problem description) Adjusting entry for bade debt expense Entry for write off of Flake co. Enrty for reinstatement of Flake Co. account and collection and write off

Creating Financial Statements and Journal Entry in Accounting

I have some examples of the type of problem I need help understanding and how to put all the components together in order to solve a problem in accounting. I need help with the journal entries and adjusting entries. Also, with which of the entries goes on which financial statement...the balance sheet or the income statement?

Journal Entries and Computation of Depreciation

P10-3A On January 1, 2005, Solomon Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $38,500. Related expenditures included: sales tax $2,200, shipping costs $175, insurance during shipping $75, installation and testing costs $50, and $90 of oil

Porter Company: Compute goodwill, impairment with a journal entry

(See attached file for full problem description) --- Problem 1 On May 31, 2004, Porter Company paid $2,100,000 to acquire all of the common stock of Dryer Corporation, which became a division of Porter. Dryer reported the following balance sheet at the time of acquisition: Current assets: $ 500,000 Current liab

Bonds

On 8/1/05, Cardinals Co issued 600 of its $1,000 face value, 6%, 7-year bonds at {106} plus accrued interest. The bonds were authorized on 4/1/05, and pay interest each 4/1 and 10/1. The straight-line method is used to amortize any discount or premium. Give the journal entry on : 1) 8/1/05, to issue the bond 2) 10/1/05, t

Ted Parge Corporation and Art Wyatt Corp

E3-4-On Jan 1, 2002, the stockholders' equity section of Ted Parge Corporation shows common stock ($5 par value) $1,500,000; paid in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar 1 Purchased 50,000 shares for cash at $14 p

Art Wyatt Corporation

E3-7 Art Wyatt Corporation 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, the accountant made the following entries for the corpo

Accounting: Ex147 Epson Co; Ex150 Dial Co; Ex154 Abbott Corp: journal entries

Exercises Ex. 147 Epson Company had the following transactions: 1. Issued 4,000 shares of $100 par preferred stock at $110 for cash. 2. Issued 5,000 shares of common stock with a par value of $10 for $85,000. 3. Purchased 500 shares of common treasury stock for $10,000. Instructions Prepare the appropriate journal entr

Accounting problems

I need this exercise performed in excel; additionally part C is still not clear. Thanks. The following are selected transactions of Detroit Company... Please see attached. JOURNAL ENTRY JAN 2 1.PURCHASES A/C 15000 TERESSA SPECK COMPANY 15000 FEB1 2. TERESSA SPEC

1) Prepare the journal entry to record the sale. 2) Prepare the journal entry to record the fair market value of the investments as of December 31. 3) Prepare the necessary entries on the books of Biloxi Company to account for these transactions.

1) Music City held 1,500 of Navia common stock with a book value of $55,275. It sold the shares on December 13 for $74,387. Prepare the journal entry to record the sale. 2) Micron held airport bond with a par value of $250,000 and a fair market value of $247,380. Micron also held 1,500 shares of Navia common stock with a p

Debit

A debit always decreases an account balance A. True B. False

General Journal Entry

Journalise the following transactions: 1)Roy started a window cleaning business by opening a bank account under the name "Pane Is Our Business" with a deposit of $15,000 from his personal account. 2)Purchased supplies on account for $1,500. 3)Billed customers, who have 30 days to pay, a total of $2,600 for window cleani

Trial Balance-adjusting entries; Bank Reconciliation Using the additional information given below, prepare the appropriate monthly adjusting entries at November 30. Show computations. Prepare the November 30 bank reconciliation and related journal entries.

The trial balance of Ramsey Company shows the following balances for selected accounts on November 30, 2003: Prepaid Insurance $10,000 Unearned Revenue $ 2,400 Equipment 60,000 Notes Payable 20,000 Accumulated Depreciation 6,600 Interest Payable 400 Instructions: Usin

Financial Accounting

Which of the following accounts would not be found in an adjusting entry? A) Accumulated depreciation. B) Cash. C) Wages expense. D) Unearned revenue. Please select one of the following answers stated above.

Journal Entry

Journalize the following transactions related to stock issuances. 1. Issued 400 shares of 75$ par value of preferred stock in exchange for land that had an appraised value of 38,000. 2. Issued 17,500 shares of $10 par value common stock for $16 per share. 3. Purchased 3,800 shares of common stock for treasury at $17 per shar