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Journal Entries

Journal entry exercise

Prepare the entry to record the interest earned. Prepare the journal entry to record collection of the note and interest at maturity. Agrico, Inc., accepted a 10-month, 13.8% (annual rate), $4,500 note from one of its customers on June 15; interest is payable with the principal at maturity. Prepare the entry to record the in

Prepare the journal entries for Kissick Co.

See attached file. Write the journal entry, for each of the following transactions that occurred during the first year of operations at Kissick Co. (Omit the "$" sign in your response.) a. Issued 250,000 shares of $6-par-value common stock for $1,500,000 in cash. b. Borrowed $500,000 from Oglesby National Bank and signed

Collins Corporation Journal Entry

P 11-11 Collins Corporation purchased office equipment at the beginning of 2009 and capitalized a cost of $2,000,000. This cost figure included the following expenditures: The company estimated an eight-year useful life for the equipment. No residual value is anticipated. The double-declining-balance method was used to deter

Prepare journal entry to record sale of lathe

E 11-32 Howarth Manufacturing Company purchased a lathe on June 30, 2007, at a cost of $80,000. The residual value of the lathe was estimated to be $5,000 at the end of a five-year life. The lathe was sold on March 31, 2011, for $17,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Parti

Journalize Transactions for Entries

Presented here are selected transactions for Lulu Corporation for 2010. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2000. The machine cost $71,000 on that date and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2007. The computer cost

Bond journal entries.

Crow Co. issued 493,000 of 10%, 20 yr. bonds on Jan, 1, 2010, at face value. Interest is payable annually on Jan. 1. I need to prepare journal entries to record the last of the following events: (I finished most of this; but stuck on these questions). I need to understand this for my timed test tomorrow. a) Jan 1 ~

Journal Entry for Bond Redemption

BE10-7 The balance sheet for Reading Company reports the following information on July 1, 2010. READING COMPANY Balance Sheet (partial) Long-term liabilities Bonds payable $2,000,000 Less: Discount on bonds payable 30,000 $1,970,000 Reading decides to redeem these bonds at 102 after pay

Closing and Dividend Entries

See attached format for response. Columbia Coffee Company earned net income of $85,000 during the year ended December 31, 20x8. On December 15, Columbia declared the annual cash dividend on its 6% preferred stock (10,000 shares with a $10 par value) and a $0.50 per share cash dividend on its common stock (50,000 shares with

Interview Responses: Strengths, Weaknesses, Desires

I have a phone interview with the Asst. Controller for a Senior Accountant position. How should I answer the questions what are your strengths and weaknesses? Why should I hire you? What are your career goals. Here's a brief description of the job. Summary of Role: Prepares income and balance sheet statements, consolidate

Journal Entries & Adjustments

E11-2 On June 1, Melendez Company borrows $90,000 from First Bank on a 6-month, $90,000, 12% note. Instructions (a) Prepare the entry on June 1. (b) Prepare the adjusting entry on June 30. (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (d) What

Bond Issuance Journal Entry

On January 1, 2010, Kentwood Company issued bonds with a face value of $800,000. The bonds carry a stated interest of 7% payable each January 1 and July 1. a. Prepare the journal entry for the issuance assuming the bonds are issued at 97. b. Prepare the journal entry for the issuance assuming the bonds are issued at 102

Financial Accounting: journal entries; practice exam

E3-7. The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $ 3,600 Supplies 2,800 Equipment 25,000 Accumulated Depreciationâ?"Equipment $ 8,400 Notes Payable 20,000 Unearned Rent 9

Adjusting entries; lower of cost or market, inventory

Lower-of-Cost-or-Market Fortner Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the companyâ??s inventory records as of December 31, 2006. Estimated Completion Norma

Horizontal model, journal entry

Mikor has an account payable of 7,700$ due to Smiley Inc. one of its suppliers. The amount was due to be paid on October 15, 2007. Mikor only had enough cash on hand then to pay $1,700 of the amount due, so Mikors treasurer called and Smiley's treasurer and agreed to sign a note payable for the balance. The note was dated Octobe

The journal entries for the City of Wetteville and Gotham City?

1. The City of Wetteville has a fiscal year ending June 30. Examine the following transactions for Wetteville: (A) On 6/1/10, Wetteville enters into a 5-year lease on a copying machine. The lease meets the criteria of a capital lease and carries an implied interest rate of 10%. The copier has a present value of $2

Effective Interest Method for Lucy Corporation issuance of bonds

On January 1, 2007, Lucy Corporation issued $1,200,000 face value, 7% 10 -year bonds at $1,119,479 This price resulted in an effective-interest rate of 8% on the bonds. Lucy uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. Instr

Prepare journal entries for restructured long-term debt

Your company is in financial trouble and is in the process of reorganizing. Your manager wants to know how you will report on restructuring the debt. Use the following information to help with this assignment. This is the liability section of your company's balance sheet: CURRENT LIABILITIES Accounts payable

Financial Accounting: journal entries; practice exam

See excel for better formatting. Peru Corporation sold $1,500,000 6% 10 -year bonds on January 1, 2007. The bonds were dated January 1, 2007, and pay interest on January 1. Peru Corporation uses the straight-line method to amortize bond premium or discount. Instructions: (a) Prepare al

Financial Accounting: adjusting entries; practice exam

1. Cram Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are: A. Total assets decrease and equity increases. B. Both total assets and total liabilities decrease. C. Total assets, total liabilities, and equity are unchanged

Financial Accounting: Two adjusting entries; practice exam

At the end of the fiscal year, an adjusting entry was made for accrued salaries of $2,000. The salaries for one week, $4,250, were paid on the first Friday of the new fiscal period. When the weekly salaries are paid on the first Friday of the new accounting period, what will be the general journal entry? A. Salaries Expense

Prepare the necessary entries for the current fiscal year

2. Assume that the County of Katerah maintains its books and records in a manner that facilitates preparation of the fund financial statements. The County formally integrates the budget into the accounting system and uses the encumbrance system. All appropriations lapse at year-end. At the beginning of the fiscal year, the Co

How to figure ending retained earnings

On 25 March, Phelps Company declared $2 per share cash dividend on 20,000 shares of common stock outstanding; paid cash dividends on 20 April that were declared on 25 March; On December 31st, Phelps Company closed its $52,000 credit balance in Income Summary (reflecting net income) to Retained Earnings. What would be the journal

Duchess County property taxes: Journal entries for tax

The fiscal year of Duchess County ends on December 31. Property taxes are due March 31 on the year they are levied. 1. Prepare journal entries(excluding budgetary and closing entries) to record the following property tax related transactions in which the country engaged in 2007 and 2008. a. Jan 15, 2007 the county council

Facilitating Problem Solving, and Devil's Advocacy Technique

Please see attachment for selected article. The aim of the critique is to describe how the study followed or failed to follow the criteria for good research. Kindly include the following topics in the critique: -Study design -Problem or objective -Literature review -Population sampling for study -Measurement -D

Effect of entries: Maso Company, Brown Company, Big-Mouth Frog Corp, Lane Co

Maso Company recorded journal entries for the issuance of common stock for $40,000, the payment of $13,000 on accounts payable, and the payment of salaries expense of $21,000. What net effect do these entries have on owners' equity? Increase of $40,000. Increase of $27,000. Increase of $19,000. Increase