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Journal Entries

Journal entries for intangible assets: Penner Co

The following transactions involve intangible assets of Penner Co occurring on or near Dec 31, 2004. Write journal entries needed at the date to record the transaction and at December 31, 2005 to record any resultant amortization. Write NA if no entry is required at a particular date. 1. Penner paid Grand Co $200,000 for exc

Answer to "Bank Reconciliation" question

See attached file. PART V ? BANK RECONCILIATION A review of the November 30 bank statement and other data of Jones Company reveals the following: 1. Balance per bank statement on November 30 $20,200 2. Balance per books on November 30 $14,388 3. NSF Check from J. Smith in payment of account $220 4. Collection

Closing entries for Falcon Cleaners and Laundry

PART IV ? CLOSING ENTRIES The end of the period account balances after adjustments of the Falcon Cleaners and Laundry are as follows: Account Balances (After Adjustments) Cash $ 10,000 Cleaning Supplies 3,500 Prepaid Rent 3,600 Equipment 128,000 Accumulated Depreciation?Equipment 20,000 Accounts Payable 8,500 C

Valuation of a note payable

On December 1, Showcase Interiors purchased a shipment of furniture from Colonial House by paying $10,500 cash and issuing an installment note payable in the face amount of $28,800. The note is to be paid in 24 monthly installments of $1,200 each. Although the note makes no mention of an interest charge, the rate of interest u

Computing Bad Debts and Preparing Journal Entries

The trial balance before adjustment of Reba McIntyre Inc. shows the following balances. Dr. Cr. Accounts Receivable $90,000 Allowance for Doubtful Accounts 1,750 Sales (all on credit) $680,000 Instructions Give the entry

Journal Entries

In November 2006 after having incorporated Cookie Creations Inc., Natalie begins operations. She has decided to not pursue the offer to supply cookies to Biscuits. Instead she will focus on offering cooking classes. The following events occur. Nov. 8 Natalie cashes in her U.S. Savings Bonds and receives $520, which she depos

Sale of Receivables and Sale of Merchandise Entries

Presented below are two independent situations. (a) On March 3, Hinckley Appliances sells $580,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Hinckley Appliances' books to record the sale of the receivables. (b) On May 10, C

Evaluating the significance of misstatements - Sun Island Apparel, Inc.

8-14 (Evaluating the significance of misstatements) You are concluding the audit of Sun Island Apparel, Inc. as of December 31, 20x1. You believe that you can tolerate $675,000 in misstatements to pretax income. You have noted only three issues that may affect the financial statements based on evidence found during the audit.

Examples of Journalizing and the Posting of Adjustments

Dakota Company must make three adjusng entries on December 31, 2007. a. Supplies used, $2,500; (supplies totaling $4,000 were purchased on December 1, 2007, and debited to the supplies account). b. Expird insurance, $1,800 on December 1, 2007; the fir paid $10,800 for six months' insurance coveage in advance and debited Pr

Journal Entries to Record Allowance for Doubtful Accounts

The ledger of Elburn Company at the end of the current year shows Accounts Receivable $110,000, Sales $840,000, and Sales Returns and Allowances $28,000. Instructions (a) If Elburn uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Elburn determ

Financial - stock holder equity, journal of entry

I do not understand the concept of this section (stock holder's equity) at all. please help. It is mostly multiple choice, short math of how you got each answer would be great so I can compare my answer to yours. Thank you Use the following data set to answer the first four questions. On January 1, 2007 The Def Co. issued

Journal entry to record net pay

Totals for the month of March from payrol register of XYZ company salaries expense $13,000 S.S and madicare texes withheld 975 Income taxes withheld 2,600 retirement savings 500 The entry to record the payment of net pay would include a a)

Conversion of accounts payable to notes payable

The journal entry to record the conversion of a $150 accounts payable to a notes payable would be? These were my two guesses: Cash $150 Notes payable $150 or Accounts payable $150 notes payable $150

Various Accounting Problems and Journal Entries

I am having the hardest time with these various Accounting problems. Attached are the problems. To look at the attachment will help out more so with the full description.The problems consist of preparing journal entries, cash flows using the indirect method, job order cost accounting system, units of merchandise, and computing

Norris Corporation was organized on January 1, 2007.

Norris Corporation was organized on January 1, 2007. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 60,000 shares of common stock for

Receivables and Revenue Recognition - Kuhner Co.

Prepare journal entries for the following transactions: a. On November 1, Year 1, Kuhner Co. received a $1,000 note receivable with a 90-day maturity and a 12% interest rate in exchange for an outstanding account receivable of the same face amount. b. Assume Kuhner Co. closes its books on a monthly basis. Prepare any adj

Walter Company Ltd. publishes a monthly sports magazine, Fishing Preview.

Walter Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $22 per year. During, November 2007, Walter sells 6,000 subscriptions for cash, beginning with the December issue. Walter prepares financial statements quarterly and recognizes subscription revenue earned at the end of th

During the month of March, Prouncer Company's employees earned wages of $70,000.

During the month of March, Prouncer Company's employees earned wages of $70,000. Withholdings related to these wages were $5,355 for Social Security, $7,500 for federal income tax, $3,100 for state income tax, and $400 for union dues. The company incurred no cost related to these earnings for federal unemployment tax, but incurr

Why is accounting often referred to as the "language of business"?

Chapter 1 5. Why is accounting often referred to as the "language of business"? 7. What are generally accepted accounting principles (GAAP)? Who currently develops and issues GAAP? What is the purpose of GAAP? Chapter 3 Practice Exercises For 3-1 and 3-2 do the following transactions: a. list the accounts impa

Journal Entries in an Internal Service Fund to Record Transactions

9-3 Internal service funds are accounted for similarly to businesses. William County opted to account for its duplication service center in an internal service fund. Previously the center had been accounted for in the county's general fund. During the first month in which it was accounted for as an internal service fund the ce

Friendly Company

I am unable to find a solution to the attached problem. Please use excel for your solution. Instructions: Present the journal entries specified below; show supporting calculations. The trial balance of Friendly Company at December 31, 2003 includes the following: Debits Credits Accounts Receivable 100,000 Allow

Chambers Brokerage Journal Entries

P2-3A Journalize transactions, post, and prepare a trial balance and financial statements. (SO 2, 4, 6, 7) Chambers Brokerage Services Inc. was formed on May 1, 2006. The following transactions took place during the first month. Transactions on May 1: 1. Stockholders invested $120,000 cash in the company in exchange for sto

Cardinal Company

Brief Exercise 11-1 Cardinal Company has the following obligations at December 31: (a) a note payable for $100,000 due in 2 years, (b) a 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments, (c) interest payable of $15,000 on the mortgage, and

Assets, Journal Entries - You are the chief financial officer of a small company.

You are the chief financial officer of a small company. At a recent meeting of the directors, an appraisal report was circulated showing the current market value of the company's property, plant, and equipment was $3,500,000. The same assets were listed on the company's balance sheet at $1,750,000. This figure represents histori

Journal Entries - Down.com

Assume Down.com was organized on May 1, 2006 to compete with Despair.com?a company that sells de-motivational posters and office products. The following events occurred during the first month of Down.com's operations. a. Received $60,000 cash from the investors who organized Down.com Corporation. b. Borrowed $20,000 cash and